Prince Harry and Meghan Markle said Wednesday that they "intend to step back as 'senior' members of the Royal Family and work to become financially independent."

The Duke and Duchess of Sussex said that “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.”

"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," they said.

The couple also announced in the statement that they want to split their 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 said.