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Tina
Tina, Lawyer
Category: Legal
Satisfied Customers: 8775
Experience:  JD, BBA Over 25 years legal and business experience.
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I have a legal question with regard to stock options agreed

Customer Question

Hi my name is ***** ***** I have a legal question with regard to stock options agreed upon in a divorce decree. Divorce occurred in 2001. I was awarded one half of 106,450 shares in a start up company at the time. "Total Respondent held at the time was 139,800 with Insurance Technologies of which 106,450 were vested". So basically i have 53,225 shares. This portion of the divorce decree was heavily investigated and a big portion of the agreement we came to at the time. I have the details in the divorce decree but basically my former husband had 10 years to deal with this and give me a fair share of what was agreed upon. These stocks were given in lieu of other things like salary increase etc... Since that time the company is a multi-million dollar company. It was recently sold and my former husband is the CEO. They have 150 employees in the US and 200+ employees in india. I have never had any correspondence or acknowledgment that I have these shares and interest in the company. Where do I go from here? I don't understand how this works but I do feel the company may have been sold without any knowledge that there is a debt owed and not followed through on when company sold. Thank you!
Submitted: 6 months ago.
Category: Legal
Expert:  Ely replied 6 months ago.

Hello and welcome to JustAnswer. Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

I am sorry to hear about this situation, Hope. So to clarify, in the divorce decree you got some stock, but you never actually controlled it, and, the stock was sold/traded without your permission. Correct?

This is not an answer, but an information request. I need this information to answer your question. Please reply, so I can answer your question. Thank you in advance.

Expert:  Ely replied 6 months ago.
Hello! Just touching base to see if you still needed an answer and if you could reply to my query. Thanks!
Customer: replied 6 months ago.
Hi sent a long email with details but I guess you didn't get it? Do I need to pay more? I am confused, I payed $42?
Expert:  Ely replied 6 months ago.
Hello Hope,
This is what I have:
Hi my name is ***** ***** I have a legal question with regard to stock options agreed upon in a divorce decree. Divorce occurred in 2001. I was awarded one half of 106,450 shares in a start up company at the time. "Total Respondent held at the time was 139,800 with Insurance Technologies of which 106,450 were vested". So basically i have 53,225 shares. This portion of the divorce decree was heavily investigated and a big portion of the agreement we came to at the time. I have the details in the divorce decree but basically my former husband had 10 years to deal with this and give me a fair share of what was agreed upon. These stocks were given in lieu of other things like salary increase etc... Since that time the company is a multi-million dollar company. It was recently sold and my former husband is the CEO. They have 150 employees in the US and 200+ employees in india. I have never had any correspondence or acknowledgment that I have these shares and interest in the company. Where do I go from here? I don't understand how this works but I do feel the company may have been sold without any knowledge that there is a debt owed and not followed through on when company sold. Thank you!
I then sent a reply:
I am sorry to hear about this situation, Hope. So to clarify, in the divorce decree you got some stock, but you never actually controlled it, and, the stock was sold/traded without your permission. Correct?
In other words, I am not sure what happened. Please clarify. You imply that you both held these shares, and did not. I just need a little clarification, please.
Customer: replied 6 months ago.
I actually don't know the status of the stock. I know that the company has been sold but my former husband is now the CEO. As you read above where I sited a part of the decree he had 10 years to do something with it because I was unable to and nothing has happened. I became very concerned when I found out the company has been sold. What should be my next course of action?
Expert:  Ely replied 6 months ago.
Thank you for your reply.
I am going to opt out of your question and open this up for other experts.
Your JustAnswer Account has not been charged for this conversation and your question is back in the queue. You do not have to stay online for the question to be active. Should an expert pick it up, you should be alerted via email and/or SMS (text message) unless you actively disable these features.
There is no need for you to reply at this time as this will "lock" your question back to me, thus inadvertently delaying other experts' access to it.
My apologies for any inconvenience and good luck.