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.
The state Supreme Court unanimously found that Valli's ex-wife, Randy, is not entitled to the full amount of a life insurance policy taken out on her famous ex-husband, best known for his singing days with the Four Seasons.
The insurance policy was taken out in 2003 -- just prior to the divorce with Randy, in the amount of $3.75 million, naming Randy Valli as the sole beneficiary. When the couple divorced after more than 20 years of marriage, Randy Valli argued that the $400,000 value of the policy at the time was all hers -- while lawyers for the singer argued the policy was community property under California divorce laws.
This entitled him to receive half of the amount of the insurance pay in according to his lawyers -- since it should be split up evenly same as all the other assets for the couple were being divided.
Originally, Randy had won the entirely settlement in a lower court earlier last year -- that sent Frankie Valli's attorney's to file an appeal that sent the case up to the State Supreme Court. The 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.
Randy Valli didn't need the state high court justices' help in securing her financial future: She was pulling in $500,000 a month from her now 80-year-old ex-husband, according to the celebrity website TMZ, citing court documents in their divorce proceedings.
Valli's falsetto fueled the Four Seasons to fame with hits in the 1960s such as, "Sherry" and "Big Girls Don't Cry."