Redundant DHCP setup with multiple routers?

Let's say I have a minimal setup, 2 routers running VRRP for the default gateway, and I want to run DHCP on the routers (Cisco).

What methods are there to make the DHCP server on the router redundant?

I was thinking of configuring both routers to hand out DHCP addresses, configure router 1 to hand out IPs from .5-.127 and router 2 to hand out IPs from .128-.254. this way they'd never hand out duplicates.

Is this kind of setup typical?