Family
May 29, 2014
Can't take my eyes off you — or my community property
When is 50-50 not half? Exploring the ramifications of a recent divorce case.
Jo Carrillo
Professor
UC Hastings College of the Law
Jo is author of "Understanding California Community Property Law," forthcoming 2014.
When is 50-50 not half?
In 2003, Frankie Valli lay on what he thought was his death bed. At that time, he bought a whole life insurance policy on his life, using community property funds. Valli's then-wife, Randy, was named the policy owner and the sole beneficial designee. Frankie's idea was to take care of Randy and the couple's three minor children in the event of what seemed like his imminent death. The life insurance component of the policy was $3.75 million; the cash surr...
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