A divorce of a family business owner does not only affect the divorcing spouses, but it poses a threat to the business and its various stakeholders. Some of the complicating factors stem from the overlapping of roles, where persons that share family ties are also active in the strategic decisions and daily operations of the business. We describe the impact of divorce in the three dimensions of psychosocial, legal, and financial. Tools to decrease the negative impacts of a divorce include family law instruments such as marital agreements, gifts and wills, and company law instruments such as shareholders’ agreements and the articles of associations. Specialized advisors and proper governance structures can also reduce the negative impacts. Family business owners need to increase their awareness on how a potential divorce will affect them and the business, raise the issue, and undertake the necessary preparations.