How can the share purchased jointly be resolved when there is a divorce case pending before the court?

The asker of the question requested me to reply this question, considering his age & situation I reply it best of my ability.

The fact this matter is already sub-judice & the issue relating to property including the jointly owned Share of some company must be in question along with the issues of income of both parties & the amount of alimony to be allowed in the case, this matter should be best discussed with the lawyers you engaged for your court cases.

Anyhow the fact of the case relating to issue of jointly owned Share of some company has been asked here & how the husband can dispose of these legally without bring the co-owner wife.

Firstly the Shares which are held jointly if are in paper form should be first converted to Demat form as nowadays the dealing of Shares & Stocks are through Demat Account & form not paper form.

For the purpose of converting these Paper Shares in to the Demat form the signature of both parties required.

At the time of converting these Shares to Demat form the form filled & signed by both has column with regard to the holding of these shares in joint name as well the mode of its disposal jointly or by either or any of the party or by the survivor, even the Demat account one opens with any Bank or other financial institute has to mention the mode of operation of the said account & disposal of the Shares/Stocks in the manner as mentioned above.

If you by luck can get the Demat Account for holding these Shares & the Demat form Shares in the manner such as by either or survivor form than you without any other formality of seeking her permission can sell these Shares & pocket the whole sum of money.

In many divorce courts, an order enters at the beginning of the case prohibiting either party from selling or giving away and property, or making any changes in how property is held. If there is no such order, or statute requiring the same, then the parties are free to dispose of assets, as long as it does not amount to fraud.

Where an asset is jointly held, both parties would have to consent and sign the transfer documents. There are two common outcomes: 1) the proceeds from the sale are held in an escrow account pending the outcome of the divorce proceeding or 2) the proceeds are distributed in even shares to the parties. If the husband needs the funds for an appropriate purpose, he could be required to agree in writing to increase her eventual divorce asset distribution by half of the proceeds or whatever amount the parties agree to.

In any divorce proceeding, all data is checked for accuracy. The matter you mention would have to be decided by the court. Jointly held assets are just that, jointly held and require the signature of both parties for a sale.

Under any court matter no decisions with legal implications should be taken keeping the court in darkness.The court must be made aware of the intentions of any joint holder to dispose off the share & let the court itself decide on such matters.