First off, I contend that the apostrophe isn't punctuation, but is like a letter in that it's part of the spelling, operating at the word level and not the sentence level where punctuation like the comma and semicolon perform their functions.
If Jack and Jill jointly own the pail of water, it would be written as
Jack and Jill's pail of water. Jill and Jack's pail of water.
If they each have their own pails, then
Jack's and Jill's pails of water.
Note that pails is now plural because there are at least two pails involved. If more than one pail is jointly owned
Jack and Jill's pails of water.
Use the possessive apostrophe on the possessor closest (as written in the sentence) to the jointly possessed item: