I can see two possibilities for this,
the first one is to have two (sets of?) preset.
one for "business" and one for "familly"
You can just then add an applescript running as a cron to automatically switch from one to the other.
I would rather use the position of your computer to make the switch rather than the time, but this is a matter of taste.
The second option is to script the couple of widget that you want to be reactive such that each of them decide independently what they show depending of the time/location
The third option is to have two widget in the same preset but having only one visible at the time. (I would do the switch via a cron or any other method)