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Katie Michelson, a partner at Biermann LLP specializing in domestic relations and matrimonial law, discusses prenuptial agreements. She clarifies the misconception that these agreements are only for the wealthy. Many clients seek them to pre-plan asset allocation in case of divorce or death. Importantly, one does not need substantial assets or income to establish a premarital agreement; they are beneficial for individuals wanting more control over their financial matters. Prenuptial agreements can vary in complexity, ranging from simple documents to extensive ones spanning over 30 pages, tailored to the individuals' needs and preferences.