A pre-nuptial agreement sets out the agreement of the parties concerning how their property would be divided or what support would be provided in the event of death or divorce. Parties who intend to marry may enter into a pre-nuptial agreement that covers property owned by either spouse before the marriage, including the income from and appreciation in value of that property. Another important reason to enter a pre-nuptial agreement is to limit liability for future alimony. A voluntary and knowing waiver or limitation of alimony in a pre-nuptial agreement could be a valuable binding contract.