Over the years, I’ve met many wonderful couples who run a business together—some out of passion, some out of practicality, and most with a bit of both. If that sounds like you, I understand the deep commitment—and the unique pressure—of building a life and a business with your spouse.
But when your personal and professional lives are so closely connected, your legal and financial plans need to be just as strong.
Here are a few things I always recommend to couples like you:
1. Keep Business and Personal Finances Separate
Blending business and household expenses is tempting, especially when all income flows into the same pot. But having clear, separate budgets helps you stay organized and avoid tension—especially when it’s time to pay bills, file taxes, or plan for the future.
2. Set Clear Boundaries Between Work and Personal Time
One of the biggest challenges I hear from couples is that the business ends up taking over every dinner conversation, every weekend, and every car ride. Try setting hours when “work talk” is off-limits. It’s not just good for your relationship—it’s good for your creativity and decision-making too.
3. Keep Your Own Identity
This one might sound simple, but it matters: make space for yourself. Even if it’s just an hour for a walk, a book, or a hobby, time apart can help you recharge and bring fresh energy back to both your home and your work.
4. Plan for the Unexpected
This is where I see the most heartache—and where I can help the most.
If one of you becomes ill, is hospitalized, or passes away, and the other is left trying to manage the business, it can become incredibly stressful. This is especially true if there are other co-owners, investors, or partners involved. Without clear legal documents, your spouse may not have any automatic right to step in, make decisions, or even access business accounts.
This can lead to disputes, power struggles, or delays that hurt the business at a time when your family is already dealing with enough.
A solid plan can prevent that. Here’s what I often recommend:
- Revocable Living Trust – This keeps both your personal and business assets out of probate and allows for smooth transitions.
- Power of Attorney – This gives your spouse or a trusted person the authority to act on your behalf if you’re ever unable to do so.
- Health Care Surrogate Designation – This ensures someone you choose can make medical decisions if needed.
LLC Operating Agreement, Buy-Sell Agreement or Business Succession Plan – This is critical if there are other owners involved. It lays out who can take over and how ownership interests are handled if something happens to one of you.
Let’s Talk
If you and your spouse are building a business together, you’ve already done something remarkable. Let’s make sure it’s protected.
We help families across Broward County think through their next steps and create plans that bring peace of mind. Call us or visit jakoblegal.com to schedule a consultation.
