Meghan Markle and Prince Harry announced Wednesday that they will be stepping back as senior royals.

After many months of reflection and internal discussions, we have chosen to make a transition this year in starting to carve out a progressive new role within this institution, the royals said on their Sussex Royal Instagram account. We intend to step back as senior members of the Royal Family and work to become financially independent, while continuing to fully support Her Majesty The Queen.

The Duke and Duchess of Sussex said they will also split time between the U.K. and North America.

This geographic balance will enable us to raise our son with an appreciation for the royal tradition into which he was born, while also providing our family with the space to focus on the next chapter, including the launch of our new charitable entity, the couple added in the statement.

We look forward to sharing the full details of this exciting next step in due course, as we continue to collaborate with Her Majesty The Queen, The Prince of Wales, The Duke of Cambridge and all relevant parties, the duke and duchess said, before signing off. Until then, please accept our deepest thanks for your continued support.