Court Rules On Frankie Valli Life Insurance Plan
SAN FRANCISCO (CBS SF/AP) – The California Supreme Court has ruled that a $3.75 million life insurance policy singer Frankie Valli and his ex-wife purchased while they were married is community property that must be be divided equally in their divorce.
A lower court had ruled that Randy Valli was entitled to the entire policy because she was listed as the policy’s “owner” and beneficiary. But the state high court said Thursday the policy is community property because household funds from a joint checking account were used to buy and maintain it. The policy is currently worth about $400,000.
The couple separated in 2004 after 20 years of marriage.
Valli’s falsetto fueled the Four Seasons to fame with hits in the 1960s such as, “Sherry” and “Big Girls Don’t Cry.”
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