Should I tell my spouse the business is in trouble?

Yes, you should tell your spouse the business is in trouble, and the sooner the better. This conversation is difficult and frightening, but delaying it only increases the emotional and practical damage when the truth inevitably emerges. Your spouse needs to know because business failure can have profound implications for family finances, particularly if you've signed personal guarantees, if joint assets are at risk, or if family savings have been invested in the company. Many directors keep financial stress secret out of shame, fear of judgment, or a misguided desire to protect their partner from worry, but this approach backfires catastrophically when reality can no longer be hidden—often at the point when options have run out and consequences are most severe. Being honest allows your spouse to participate in crucial decisions about protecting family assets, restructuring personal finances, and preparing emotionally and practically for potential outcomes. It also gives you essential emotional support during an incredibly stressful period; carrying this burden alone increases the risk of mental health crises and poor decision-making. When having this conversation, be honest but avoid overwhelming your partner with every detail at once. Explain the situation clearly: what the problems are, what options you're exploring, what the worst-case and best-case scenarios look like, and how it might affect family finances. Emphasize that you're seeking professional advice and taking action, rather than presenting it as a fait accompli of disaster. If personal guarantees exist or the family home is at risk, your spouse has a legal and practical right to know immediately, as joint decisions about asset protection may be needed. Consider having this conversation with a financial adviser or insolvency practitioner present if it helps provide objective context and reassurance that steps are being taken. Remember that most spouses would rather face difficult truths together than discover later they were kept in the dark during a crisis that affects the whole family. Marriages can survive business failure; they rarely survive sustained dishonesty and the destruction of trust that comes from hiding such significant problems.