This week California’s Supreme Court gave Mr. Valli, who the San Jose Mercury News says is 80 years old (shock and awe!) a gift in the form of a reversal of an appeal court decision that said he was not entitled to 50 per cent of a $3.75 million life insurance policy purchased just before he separated from his third wife, Randy Valli in 2003.
California is a community property state which means that assets acquired during a marriage are split equally upon marriage breakdown. In this case Mr. Valli used family monies to purchase the policy on his life, but he made his wife the owner of the policy, as well as the beneficiary. He testified that he expected his wife to divvy up the insurance proceeds among his three children upon his death.
But Frankie didn’t die, he got divorced. His wife took the position that the policy and its cash value, about $375,000 at the date of separation, belonged to her and the lower court agreed.
It took seven judges of California’s highest court to right the wrong. As the Mercury News reports many thought that Valli’s ex-wife was being particularly greedy since it was reported that he pays her $500,000 a month in spousal support. Yes, you read that correctly! (But my research says that FV makes about $500,000 a month so the San Jose paper must have that wrong)
This living legend still performs, he’ll be headlining the July 4, 2014 Celebration in Washington, DC, and the movie “Jersey Boys” is due for release on June 20, 2014. Clint Eastwood is the director.
Lawdiva aka Georgialee Lang