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Katie Michelson, a partner at Biermann LLP specializing in domestic relations and matrimonial law, discusses prenuptial agreements. She clarifies a common misconception that these agreements are solely for the wealthy. Instead, many clients seek prenuptial agreements to proactively plan for asset allocation in case of divorce or untimely death. Michelson emphasizes that individuals do not need substantial assets or income to enter a premarital agreement. These agreements offer control over how assets and income are distributed and can vary in complexity, from simple to extensive documents.