Divorce can’t just hurt a family, but business too, according to a new study by a state life insurance company.
Nearly half of respondents in a survey of business owners that have been divorced reported the break-up had a negative impact on their business.
The Massachusetts Mutual Life Insurance Co., or MassMutual, and Harris Interactive sponsored the survey of 518 business owners.
Mass Mutual recommended ways to “divorce-proof” a business, including installing buy-sell agreements that can be activated when a divorce occurs, prenuptial or postnuptial agreements, or trusts being set up.
Survey participants all own a business with a spouse or family member and have annual revenue of more than $1 million.
