For many couples, married or not, the entrepreneurial spirit takes hold leading to the idea to extend the living arrangements to working together. This major decision is viewed as the ticket to wealth, self-determination and happiness. While for some, this is the case, for others the decision can lead to severe stress, both financially and in the relationship.

Such a move takes more than surface level business planning - it requires a full assessment of personalities, visions and expectations to determine whether working and living side by side is right for you.

If you have reviewed your personal goals and still feel that going into business together is a good move, consider the following next steps:

Establish a timetable for start-up. You might be tempted to give notice tomorrow morning, but it's less risky financially to lay out a timetable that covers a few months and contains specific components.

Study the viability of the business model. Talk about worst case scenarios. Ask tough questions about what you are planning to do and the viability of your idea. Although you might have convinced one another that you'll do what it takes to make the business work, that really isn't enough. You need to understand the market that you are entering and how your business or product will solve your customers' problems.

Set a cash flow plan for the business and for your personal life. Couples need an emergency fund to hold the equivalent of six to 12 months' of basic living expenses and a clear spending plan for each calendar year. The business needs income and cash projections.

Set targets. Talk through critical milestones of the business, both positive and negative. Decide what factors would lead to expansion or conversely closing the doors for good. While you are talking about milestones, also discuss your ideas around succession. Do you want this business to become a legacy for children or do you envision selling it to fund financial independence?

Define Duties. What are the roles that each of you will play in the new venture? While people wear many hats when starting a business, it is important to define specific roles for each partner as time goes on, because it will minimize conflict and confusion and it will leverage the best talents in the organisation. Clarity in management responsibility will become much more important as employees join the organization.

Revise your estate plan to accommodate the business.

Get insurance in order. Before you leave your current employers, you need to determine the cost of insurance you need the business to replace as well as the cost of any additional insurance required as a result of having the business. These expenses may be enough to encourage one of you to stay in your current position while the other devotes more time to the start up.

Talk about an exit plan in the event of separation or divorce. Although it may seem unlikely, break-ups do happen and a breakup in the relationship without a financial plan for the business can be devastating. Whether married or not, a successful business is an important source of wealth and you need to plan for the day one side of the relationship might want out. If one individual put more capital into the business than the other, provisions should be made to safeguard that investment.