Deanne Alterwitz-Stralser (née Friedman) was born January 1, 1931 in Hammond, Indiana, the daughter of an insurance salesman and a stay-at-home mom. Alterwitz-Stralser spent her childhood in Calumet City, just across the state line in Illinois, and was raised with a strong Jewish identity. At the age of sixteen, she met her husband, Oscar Alterwitz, at an Alpha Zadik Alpha (AZA) dance in Gary, Indiana, and the two were married in 1950.
Daryl Alterwitz was born June 17, 1959 in Gary, Indiana to Oscar and Deanne Alterwitz. When he was thirteen years old, his family moved from Gary, Indiana to Las Vegas, Nevada and purchased Walker Furniture. Alterwitz graduated from Valley High School and attended the University of California Santa Cruz. He earned his law degree from Santa Clara University and a degree in taxation from New York University School of Law.