by Van Den Heuvel Law Office

A driver’s license isn’t just a convenience; it’s a key part of our everyday lives. Many people need to drive to work, take their kids to school and complete countless other day-to-day tasks. When your license is revoked, it may be tempting to drive anyway, given how much our lives are dependent on personal transportation. Yet driving on a suspended license carries heavy consequences in Michigan. The Van Den Heuvel Law Office is here to help you understand the penalties associated with this offense, shedding light on the legal implications and helping you navigate through the complexities of this law. If you need to speak to an attorney, contact us for a consultation where you can receive advice specific to your case.

Introduction to Suspended Licenses

A suspended license is a temporary withdrawal by the state of a person’s privilege to operate a vehicle. This action can result from diverse reasons, such as reckless driving, DUI charges, or accumulating too many points on your driving record. Understanding the penalties for driving with a suspended license is vital to avoid deteriorating your situation further.

Legal Implications of Driving with a Suspended License

Driving with a suspended license in Michigan is considered a misdemeanor crime under Michigan Vehicle Code Section 257.904(1). If convicted, the penalties can be severe.

• First Offense: For a first offense, you could face up to 93 days in jail and a fine of up to $500. Also, an additional suspension period may be imposed, prolonging the time you are unable to legally drive.
• Repeat Offenses: Repeat offenses carry heavier penalties. A second conviction within seven years of a prior conviction could result in up to one year in jail and a fine of up to $1,000.

Consequences Beyond Legal Penalties

The repercussions of driving with a suspended license extend beyond legal penalties. It can affect your insurance premiums, making them skyrocket. Additionally, it could lead to a revocation of your driving privileges for an extended period or even permanently in severe cases.

Seek Legal Assistance

If you’re charged with driving with a suspended license, seeking legal assistance is highly recommended. The complexities of the law require professional experience to navigate effectively. At Van Den Heuvel Law Office, we have assisted hundreds of individuals in Michigan to reduce misdemeanor charges, defend against felony allegations, and more. Our devoted criminal defense attorneys are ready to help secure your future.

Contact a Criminal Defense Lawyer to Discuss Your Case

Understanding the penalties for driving with a suspended license is essential for all drivers. It’s not just about staying on the right side of the law, but also about protecting your future. If you’re facing charges related to driving with a suspended license, don’t leave your freedom or reputation to chance. Contact Van Den Heuvel Law Office today. Our team is experienced in delivering comprehensive, all-inclusive representation. We believe in fighting for our clients’ best interests with vigor and determination. Reach out to us if you need professional legal guidance.

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by Van Den Heuvel Law Office

Being charged with Driving Under the Influence (DUI) is a serious matter for any driver. However, for those holding a Commercial Driver’s License (CDL), the implications are often more severe. Our attorneys at the Van Den Heuvel Law Office aim to prepare you for the process ahead. We are here to explain the potential consequences CDL holders face when charged with a DUI and underscore the importance of understanding these potential repercussions. If you need legal guidance, call us to discuss your case.

Understanding the Importance of a Commercial Driver’s License (CDL)

A Commercial Driver’s License (CDL) is a requirement for individuals who operate commercial vehicles, including truck drivers. Obtaining a CDL involves rigorous testing and adherence to strict regulations, reflecting the higher level of responsibility commercial drivers have on our roads.

DUI Charges: A Greater Risk for CDL Holders

Contrary to popular belief, DUI charges for CDL holders differ significantly from those faced by regular drivers. For instance, while the Blood Alcohol Concentration (BAC) limit for most drivers is 0.08%, the limit for commercial drivers is just 0.04%. This reduced limit makes it considerably easier for truck drivers to breach DUI regulations, even after consuming a small amount of alcohol.

Potential Consequences of a DUI Conviction

A DUI conviction can lead to severe consequences for anyone. For CDL holders, however, the stakes are even higher. Penalties can include hefty fines, jail time, and the suspension or revocation of their license. The severity of these penalties generally correlates with the driver’s BAC level at the time of the incident.

A first-time DUI offense can lead to a minimum one-year disqualification of the CDL. A second offense can result in a lifetime disqualification, effectively ending a driver’s career in commercial transportation.

Impact on Career and Livelihood

A DUI conviction can have far-reaching implications on a truck driver’s career. The loss of a CDL, even temporarily, can lead to immediate job loss. Future employment opportunities may also be severely limited, as many companies are hesitant to hire drivers with a DUI conviction due to increased insurance costs and potential liability issues.

For example, consider a driver with a previously impeccable record who loses their CDL due to a DUI conviction. Not only would they lose their current job, but the conviction would also make it incredibly challenging to secure future employment in the industry. This could lead to significant financial hardship and stress.

Why Truck Drivers Need to Exercise Extra Caution

Given the severe implications of a DUI charge, it’s crucial for truck drivers to exercise extra caution when behind the wheel. Abstaining from alcohol when driving, understanding the laws, and knowing their rights are all key steps to avoiding a potentially career-ending DUI charge.

In conclusion, DUI charges carry severe consequences for CDL holders, often resulting in significant fines, jail time, and loss of licensure. These penalties can lead to job loss and difficulty securing future employment, posing a serious threat to a driver’s livelihood. Therefore, it’s imperative for anyone with a CDL to understand these potential repercussions and exercise maximum caution to protect their career. Contact the Van Den Heuvel Law Office to learn about how we can assist you.

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by Van Den Heuvel Law Office

The topic of death is often uncomfortable and can be difficult to discuss. However, planning for the inevitable is a responsible step towards ensuring that your assets and loved ones are taken care of according to your wishes. At the heart of this planning process is creating a will. But what happens if you die without one? Our team at the Van Den Heuvel Law Office can help you with the probate process. Contact our firm for advice.

The Importance of a Will

A will is a legal document that outlines how an individual’s assets should be distributed upon their death. It serves as a roadmap, providing clear instructions on who should receive what, thus preventing potential disputes and confusion.

Without a will, you lose control over who inherits your property. This lack of direction can lead to uncertainty and discord among your heirs, as they may have differing opinions on how your estate should be divided.

The Consequences of Dying Intestate

Dying without a valid will is referred to as dying intestate. When this occurs, the state steps in and dictates how your assets are distributed through the probate court. This process can be time-consuming, costly, and stressful for your surviving family members.

Probate court proceedings can also lead to family disputes. In the absence of clear instructions from you, your loved ones may disagree about how your estate should be divided, which can lead to legal battles and strained relationships.

Moreover, if you die intestate, your assets may not be distributed in the way you would have wanted. For example, if you wanted a portion of your estate to go to a close friend or a charity, this would not happen if you did not have a will stating so.

How a Will Can Prevent These Issues

Having a will in place allows you to clearly state your desires regarding the distribution of your assets. You can specify who gets what, reducing the likelihood of disputes among your heirs. A will also enables you to appoint a trusted individual to oversee the execution of your estate, further ensuring that your wishes are carried out.

The Role of an Attorney in Drafting a Will

While it’s possible to draft a will on your own, hiring an attorney can be a wise decision. An attorney can guide you through the complex legal language and ensure that your will is comprehensive and legally binding. We can provide advice tailored to your specific needs and desires, helping to ensure that your assets are distributed according to your wishes.

Additionally, an attorney can help you navigate potential tax implications, provide counsel on the best ways to leave assets to minor children and advise on how to handle complex situations like blended families or owning property in multiple states.

The Importance of Taking Action

Dying without a will can lead to numerous complications for your loved ones, including family disputes, legal fees, and delays in asset distribution. By creating a will with the help of an experienced attorney, you can avoid these problems and ensure that your assets are distributed according to your wishes.

Remember, it’s never too early to start planning for the future. By taking action now, you can provide peace of mind for both yourself and your loved ones, knowing that your final wishes will be respected and carried out. Don’t leave your legacy to chance; take control of your estate today with the Van Den Heuvel Law Office. Call to speak to an attorney.

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by Van Den Heuvel Law Office

Domestic violence is a serious crime that can have significant legal and personal consequences. In Michigan, this offense is treated with the utmost severity, resulting in strict penalties if proven beyond a reasonable doubt. This post aims to provide a comprehensive understanding of domestic violence laws in Michigan, the types of domestic violence recognized, and the importance of seeking legal counsel if you’re accused. The Van Den Heuvel Office explores what is defined as domestic violence in Michigan. For advice specific to your case, call us to discuss your individual circumstances at a consultation.

Understanding Domestic Violence

Domestic violence is not limited to physical altercations alone. It encompasses a range of abusive behaviors perpetrated by one person against another in an intimate or familial relationship. From threats and intimidation to forced isolation and financial control, domestic violence manifests in numerous ways, all causing harm to the victim. This behavior pattern is often used to exert control over another person:

• Physical Abuse: This includes hitting, slapping, punching, kicking, or any other form of physical harm.
• Sexual Abuse: Forced sexual activity or behavior without the victim’s consent falls under this category.
• Emotional Abuse: This could involve belittling, constant criticism, or attempts to control a person’s behavior through threats or intimidation.
• Economic Abuse: This happens when one spouse exerts control over the other spouse’s financial resources, hindering their ability to support themselves.

Domestic Violence Charges in Michigan

Michigan laws define “domestic violence” primarily as an assault or an assault and battery by a spouse, former spouse, person residing or having resided in the same household, or a person with whom the victim has a child in common.

There are two primary types of domestic violence charges: domestic assault and aggravated domestic assault. Domestic assault does not necessitate the presence of physical injury on the part of the victim. This means that even without visible signs of harm or damage to the body, the perpetrator can still be held accountable under the law for domestic assault. It is important to note that this classification is not contingent upon the victim bearing physical evidence of harm. The charge rests solely on the actions perpetrated by the accused, irrespective of the physical repercussions on the victim.

On the other hand, aggravated domestic assault, a more severe charge, requires the victim to provide evidence of an injury that necessitated medical attention. In such cases, it is not enough for the victim to merely allege harm; they must substantiate their claim with proof of medical intervention. This could be in the form of medical records, doctor’s notes, or any other tangible evidence that validates their assertion of requiring medical care due to the assault.

Protective Orders and Consequences of Violation

Protective orders are issued by courts to protect victims of domestic violence. These orders can impose various restrictions, including prohibiting the accused from causing harm, entering a shared home, buying guns, and taking children. Violating a protective order can lead to arraignment, a hearing, and sentencing, which may include jail time and fines. It can also lead to additional criminal charges, such as trespass, assault, battery, domestic assault, or sexual assault.

Why You Need a Defense Attorney

If you’re accused of domestic violence, it’s crucial to seek legal counsel immediately. The Van Den Heuvel Law Office in Grand Rapids, Michigan, works with domestic violence cases and provides reliable defense attorney services. We can help develop an effective defense strategy, guide you through the legal process, and advocate for your rights at every stage.

Posted in Domestic Violence, Family Law, Weapons Offenses | No Comments »

by Van Den Heuvel Law Office

Every year, thousands of drivers face DUI (Driving Under the Influence) charges, a legal predicament that can have significant repercussions. One crucial aspect of these cases often revolves around the administration and interpretation of Field Sobriety Tests (FSTs). Understanding the intricacies of these tests can be instrumental in navigating a DUI case. Our attorneys at the Van Den Heuvel Law Office are experienced in defending clients facing DUI charges. For individualized advice specific to your situation, contact us to set up a consultation. 

What are Field Sobriety Tests?

Field Sobriety Tests are a series of physical and cognitive tasks administered by law enforcement officials to determine whether a driver is impaired due to alcohol or drugs. The results of these tests can significantly influence the outcome of a DUI case, highlighting their importance in this legal context.

Types of Field Sobriety Tests

There are various types of FSTs commonly used by law enforcement officials. These include the Horizontal Gaze Nystagmus (HGN) test, the Walk-and-Turn test, and the One-Leg Stand test. Each test examines different physical and cognitive responses that may be impaired by alcohol or drug use. For instance, the HGN test looks for involuntary eye movements indicative of intoxication, while the Walk-and-Turn and One-Leg Stand tests assess balance, coordination, and the ability to follow instructions.

The Impact of Field Sobriety Tests on a DUI Case

The results of FSTs can heavily impact a DUI case. Passing these tests might aid in avoiding a DUI charge, while failing can lead to severe consequences such as fines, license suspension, and even jail time. 

1. Evidence of Impairment: FSTs are often the first piece of evidence used to build a case against someone suspected of DUI. If you fail these tests, the prosecution can use the results as proof of your impaired driving ability.
2. Probable Cause for Arrest: Failure of an FST can provide law enforcement with the probable cause they need to make a DUI arrest. When officers believe that your physical or cognitive abilities are impaired based on your performance in these tests, they may have enough reason to take you into custody.
3. Affect on License Suspension: A failed FST could lead to immediate license suspension, even before a court hearing. This could significantly impact your daily life, limiting your ability to drive to work, school, or other obligations.

Challenging Field Sobriety Tests

Remember that it’s possible to challenge your FST results alongside a criminal defense lawyer. While challenging an FST in court can be complex, it’s possible. Legal strategies may focus on questioning the officer’s training and experience with FSTs, the conditions under which the test was administered, or the inherent subjectivity of the tests. Our skilled attorneys can effectively argue these points, potentially undermining the prosecution’s case.

Seek Guidance From a DUI Lawyer

Facing a DUI charge is a serious matter, and Field Sobriety Tests play a significant role in such cases. Understanding the various types of FSTs, how they’re administered, and their potential impact on your case is crucial. If you’ve failed an FST or are facing a DUI charge, consulting with an experienced attorney at the Van Den Heuvel Law Office is advised. Our knowledge can guide you through the complexities of your case, including challenging the validity of FSTs, and help you navigate the road ahead.

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by Van Den Heuvel Law Office

Sexual assault is an incredibly sensitive and complex criminal charge that demands careful consideration. It carries severe consequences, impacting not only the accused’s reputation but also their relationships and future prospects. If you find yourself facing sexual assault allegations in Michigan, it is natural to wonder about the potential penalties you could face.

Having a clear understanding of the gravity of the situation is crucial. Seeking legal representation from a knowledgeable and experienced attorney can provide the guidance and support needed to navigate through this challenging time. They will help you comprehend the intricacies of the legal process and work tirelessly to protect your rights. In this blog post, we aim to delve into the penalties that could await you if convicted of sexual assault in Michigan. 

Potential Legal Penalties for Sexual Assault Conviction in Michigan

Michigan has several degrees of sexual assault charges, each with different penalties. For instance, first-degree criminal sexual conduct carries a maximum penalty of life imprisonment. Second-degree criminal sexual conduct carries a maximum sentence of 15 years imprisonment. Third-degree criminal sexual conduct carries a maximum sentence of 15 years imprisonment, and fourth-degree criminal sexual conduct carries a maximum sentence of two years imprisonment.

Additionally, depending on the circumstances of the charge, the judge may impose other penalties. For example, mandatory lifetime electronic monitoring, community service, and fines. Lifetime electronic monitoring entails that the convicted person wears an electronic tracking device at all times, which is costly. Fines can be up to $50,000. Convicted persons may also be required to complete sex offender treatment, which can last for several years.

The Long-term Impact of a Sexual Assault Conviction

Being charged with sexual assault also brings social consequences. Your reputation could be tarnished, making it hard to find employment, relationships, or housing. A criminal background check may reveal the conviction, and you could be facing stigma and discrimination for the rest of your life.

If you are facing sexual assault charges, it is crucial to hire an experienced defense attorney who can defend your rights and prepare the best possible case. A skilled attorney may challenge the evidence obtained and question the accuser’s credibility. Further, if you are convicted of sexual assault, a lawyer may be able to reduce your sentence or negotiate a plea deal for a lesser charge.

Contact Our Skilled Michigan Criminal Defense Attorneys

Sexual assault is a serious criminal charge that can forever change your life. If you are facing sexual assault allegations, you want a professional attorney who can defend your rights and fight for your future. The penalties for a sexual assault conviction in Michigan can include severe imprisonment, community service, electronic monitoring, fines, and life-long social consequences. At Van Den Heuvel Law Office, we have experienced attorneys who will analyze your case, provide you with guidance, and work tirelessly to protect your rights. Contact us today to discuss your options.

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by Van Den Heuvel Law Office

Divorce is a difficult process. It often involves dividing complex assets and determining child custody arrangements. However, it becomes even more complicated when one of those assets is cryptocurrency. Cryptocurrency is a decentralized digital asset that uses encryption techniques to secure transactions and verify the transfer of funds. In this blog post, we will discuss how cryptocurrency can affect divorce proceedings in Michigan and provide you with information to safeguard your interests.

What is Cryptocurrency?

Over the past ten years, cryptocurrency has become a popular virtual or digital asset. Its unique feature is the use of cryptography to secure and verify transactions. Unlike traditional currencies, it is not controlled by any central authority or government and is instead decentralized. This means that it is not subject to the same regulations or restrictions as traditional currencies. Bitcoin, created in 2009, is the most widely recognized cryptocurrency. Since then, numerous other cryptocurrencies, such as Ethereum and Litecoin, have surfaced. 

How is Cryptocurrency Treated in Divorce Proceedings?

Michigan law requires that all marital assets be divided equitably in divorce proceedings. Cryptocurrency, being a virtual asset, makes division a complex process. The first step in the division of cryptocurrency in a divorce is to establish its value. The value of cryptocurrency is determined by its market value at the time of the divorce proceedings. It is, therefore, essential that parties maintain accurate records of their cryptocurrency transactions and holdings.

In the event of divorce, cryptocurrency assets are divided fairly between both parties based on their determined value. The court may require one spouse to transfer a certain amount of cryptocurrency to the other spouse or sell the cryptocurrency and divide the proceeds accordingly.

What Should You Do to Protect Your Cryptocurrency Interests in Divorce Proceedings?

Divorce is a stressful time, and it can be easy to forget the importance of maintaining accurate records of your cryptocurrency holdings. However, this is vital if you want to protect your interests in divorce proceedings. You should also keep a record of all transactions involving cryptocurrency, including when you acquired it and how much you paid for it.

If you are a cryptocurrency investor, it’s essential to safeguard your assets in case of a divorce. This involves seeking the counsel of a capable legal advisor who can guide you through the process and ensure that your interests are well represented. At Van Den Heuvel Law Office, our team of skilled attorneys has extensive experience in handling divorce cases involving cryptocurrency investments, and we are committed to providing you with the legal support you need to safeguard your assets and achieve a favorable outcome. 

Contact an Experienced Divorce Attorney For Help

Cryptocurrency is becoming an increasingly popular asset, and it is changing the way assets are divided in divorce proceedings. It is crucial to maintain accurate records of your cryptocurrency holdings and transactions to protect your interests in divorce proceedings. Van Den Heuvel Law Office has experienced attorneys who can guide you through the complex process of dividing cryptocurrency in a divorce. Contact us today to schedule a consultation and ensure that your interests are protected.

Posted in Divorce, Family Law, Property Division | No Comments »

by Van Den Heuvel Law Office

If you were accused of a sex crime in Michigan, a conviction could lead to a felony charge in three degrees, a fourth-degree charge or certain misdemeanor offenses. A single conviction can impact all aspects of your life, so you need to take any accusation seriously. 

Van Den Heuvel Law Office is experienced in representing individuals accused of sex crimes in Michigan. Our attorneys are prepared to defend your rights and help you navigate the road ahead. Contact our firm to schedule a consultation where we can build a defense strategy based on your specific circumstances. 

First Degree Criminal Sexual Conduct

A first-degree criminal sexual conduct charge involves sexual penetration and another aggravating circumstance that indicates the severity. This can apply if the victim was a minor, related by blood or had a physical or mental disability. A first-degree charge may be held against perpetrators who used force or threatened force on the victim, caused injury due to coercion or force, abused their authority over the alleged victim or if the sexual penetration happened during a commission of a different felony. 

Second Degree Criminal Sexual Conduct

Criminal sexual conduct is charged in the second degree when there is sexual contact without penetration alongside at least one additional factor, as listed above. Circumstances involving sexual contact that takes place between corrections officers and probationers, pretrial detainees or inmates are also charged as second-degree. 

Third Degree Criminal Sexual Conduct

In order for a sex crime to be charged in the third degree, there must be penetration with force or coercion, but without aggravating factors that would increase the charge to the first degree. A third decree conviction also applies to cases where the alleged victim is in a protected group, such as being underage, mentally or physically incapacitated or a blood relative. 

If convicted of third degree criminal sexual conduct, the defendant could face up to 15 years in prison and will be registered as a sex offender. 

Fourth Degree Criminal Sexual Conduct

A fourth degree conviction is applied to sexual conduct cases that are not punished on a felony level. This applies to situations involving unwanted sexual touching. The charges are referred to as a misdemeanor, but Michigan law treats such a conviction as a felony, meaning a conviction of this degree can lead to up to two years in jail and a $500 fine. 

A true misdemeanor may involve indecent exposure, first and second offenses for solicitation or prostitution, as well as other lewd behaviors. 

Contact a Michigan Criminal Defense Lawyer Who is Experienced in Sexual Conduct Cases

Any sexual conduct charges in Michigan can have serious repercussions, so you don’t want to take your situation lightly. A sexual criminal charge will remain on your record and result in a sex offender registration, leaving long-lasting impacts on your life and personal reputation. If you were accused of a sex crime, you need to act quickly to defend your name and protect your future. Contact our lawyers at Van Den Heuvel Law Office to discuss the next steps with an experienced attorney. 

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by Van Den Heuvel Law Office

Commercial driver’s license (CDL) holders are subject to strict regulations. A drunk driving conviction in Michigan can have a range of impacts on your commercial and private driving privileges. The exact way that they impact you depends on the nature of your conviction, as well as your criminal record and prior DUI convictions. Our attorneys at the Van Den Heuvel Law Office

Commercial Driver’s License Sanctions

A first-time DUI conviction in Michigan could lead to a one-year CDL suspension. This one-year suspension period is applicable whether or not you were operating a commercial vehicle when the drunk driving arrest took place. 

If this is your second drunk driving conviction, and you have one or more previous convictions in the past 7 years, your CLD will be revoked for at least 10 years. Just as is true for a first-time DUI conviction, it doesn’t matter if you were driving a commercial or personal vehicle at the time of your arrest. Additionally, a second offense CDL sanction can be triggered if you have previous offenses in states outside of Michigan that occurred within the previous 7 years. 

Driver’s license revocation means you are not allowed to perform any type of commercial driving. You will need to petition for and successfully complete a hearing in order to have your CDL restored. 

When receiving a second offense for DUI within a 7-year period, the restoration hearing’s timing is the only difference between the CDL sanction and the non-commercial driver’s license sanction. You are allowed to petition to restore your non-commercial driver’s license after a year has passed, but the waiting period to petition to restore your CDL is 10 years. 

Understanding the Difference Between License Suspension and Revocation

License revocation and suspension have an important difference that you should take note of. A license suspension means your license will be automatically reinstated once the suspension period has ended. All you will need to do is pay a fee to the Secretary of State. You also do not need to attend a hearing, and you may be allowed to drive with certain restrictions in place.

When a driver’s license is revoked, whether it is your private license or a CDL, you lose all rights to driving for any reason. A revocation does not allow for restricted driving privileges, essentially putting you in a position of never having a driver’s license. 

You will need to petition the Secretary of State for a hearing to become re-licensed or newly licensed following revocation. This hearing involves a high burden of proof on your part, and success isn’t guaranteed. Furthermore, you can only petition for a hearing one time per year. If you lose your hearing, you will have to wait another year before trying again. 

Talk to an Attorney

Getting a CDL back after a DUI can be challenging. The earlier you speak to an attorney, the better prepared you’ll be to navigate the criminal justice process. Call the Van Den Heuvel Law Office to schedule a consultation with an attorney to review your options. 

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by Van Den Heuvel Law Office

Buy-sell agreements are vital to protecting your business’s future. You want to ensure that your business’s best interests are upheld down the line, so Michigan property owners should know what provisions need to be included in their buy-sell agreement. Our lawyers at the Van Den Heuvel Law Office can help you review your specific options at a consultation. 

What Is a Buy-Sell Agreement?

A buy-sell agreement is a contract that outlines the contingencies of a partnership deal. Also known as a business continuation agreement or buyout agreement, this contract determines how your business will be provided for in a future sale or purchase by a co-owner in the case of an owner’s death, disability or retirement. This contract is a tool that lets business partners complete advanced planning for their professional affairs to protect their best interests down the line. The contract prevents any of the owners from selling their interests to an outside party without every owner’s consent. 

Key Proponents of an Effective Buy-Sell Agreement

A buy-sell agreement is designed to address each business owner’s intentions for the future direction and management of the company. The agreement needs to clearly state how the business interests are valued. After all, what one owner considers valuable might not be worth much to another. Furthermore, businesses are comprised of many different variables, and each of those has its own value. Just like any major purchase, the final price is often settled through negotiation. 

To ensure a fair deal is reached for every owner, the buy-sell agreement needs to state how the owners’ interests are valued. There are three choices: 

• Fair Market Value: A fair market value is a hypothetical transaction between a buyer and seller. When both parties have a reasonable knowledge of the assets, they can transfer ownership without any compulsion. 
• Formula Approach: A formula price agreement sets a price based on the shares at the date that the agreement is invoked. 
• Book Value: The book value is based on an asset’s balance sheet, and the price is calculated based on depreciation over time. 

Customizing a Buy-Sell Agreement

Owners can make their buy-sell agreement as flexible as necessary. Different methods of valuation can be applied throughout the business’s life cycle. For example, the agreement may initially propose that book value is used, since the relationships between owners of a new business may still be unstable during its first year. Therefore, the agreement may assume that a fair market value is equal to its book value, eliminating the cost of an appraisal.

What Happens If There’s a Dispute?

Buy-sell agreements commonly involve disputes. Different visions of the business’s direction and even personal values can complicate how the ownership and control of the company are determined. Your buy-sell agreement likely doesn’t address every single applicable contingency, and in some cases, these agreements aren’t in writing.

Contact Our Lawyers to Discuss Your Buy-Sell Agreement

Before committing to the provisions, be sure to review the documents with an attorney who knows exactly what details to look for. Contact the Van Den Heuvel Law Office to review your contract. 

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