It's all so dependent on the individual/couple/+kids, and the job. And what you're willing to put up with. What the job that you take requires. etc.
I personally couldn't even combine work and my single life, let alone sole proprietorship and my single life. And when it was work, my office, and my single life...ugh. When I closed my office and just went to work, once I met DH, we were working in basically the same job, and it was easier. Balanced. But then he was laid off (the day after he proposed with plans to buy a ring later), and the next job was different.
Better off to be your own boss if you want to balance the work/life parts of your life. I never did take corporate jobs too well...
I've never known a person who works for themselves to have MORE time for their personal lives!
I think there is a good reason why for so many years one spouse worked and one stayed home. That is the only real way to achieve any kids of balance--assuming we are talking about families with kids.
That has been our experience. Between the two of us, we create balance at home. Although DS can't have what he says he wants sometimes (papa at home, me at work), or at least he can't have that and have the same standard of living, it all balances out IMO.
Until this current job of DH's, we shared everything very evenly, even though I am home. But now he interviewed for and took a job that involves quite a bit of travel, and the household stuff is more on me. But overall it's still relatively balanced.
Then again, we are very flexible people. So when they had an emergency and needed someone in Asia quickly, but were trying to wait a few days b/c it was xmas, we volunteered hubby, and he caught a place December 26. MAJOR kudos for that one...no skin off our nose, since we don't even celebrate that day! But it's still considered a sacrifice, and he's looked on more favorably for it.
That could not have happened if I was also working outside the home.
clh2, I hate your company! I hate that they've punished everyone to a huge degree, thanks to some dingbats who probably aren't even there anymore. I hate it for you.

And it's a healthcare company that wants their employees to come in when sick???? What about those people who take public transit? They are making others sick by coming in, even if they know that they'll be sent right back home. I really dislike that policy.
There was no sense of balance: My wife and I didn't even move into the same home (the same state, even) for three weeks after we got married. I was too busy. Then, we'd spend a few quality hours with each other each week, that's all. I had made a career out of this expertise I had, but it was making me, and my wife, miserable. We decided, together, that I'd done it long enough, and it was time to set the balance back a little closer to center.
And that's why it's so personal. My brother and sis in law have done that dance since they were married, and it hasn't yet stopped. Brother went off to the AF (he had done ROTC but this was after graduation), I don't know if it's called boot camp or what, but he went off to do that while sis in law set up their new household in a new state where he would be stationed.
Then he left the AF and got a private sector job, right around the time that she figured it was time to get to her law school plans. They moved back to Durham, where law school and company HQ are, and settled in.
Then she was finished with school, got a position in San Diego, and they moved there. She's a 7th year associate now, and she works ALL THE TIME. Brother works hard too, and is on call 24/7, but most of the time he works from home now.
They've been married 16 years now, and thrive on this lifestyle.
The big difference is that they have never ever planned on children, nor wanted them. Heck, until DS was born, they didn't even think they *liked* children. They couldn't have this life if they'd wanted children. Or they would be miserable. Or their children would be. Or they've had gone old school and hired a governess, LOL. (sorry, I'm reading Jane Austen's Emma) But it wouldn't be the same, that's for sure. They only have cats, because dogs would be too needy for their lifestyles. (and for the record they LOVE their lives, they are happy and healthy and fabulous people who love their families, have an open door policy to all, and are generous to family as well!)