Prince Harry and Meghan Markle have stepped down as 'senior members' of the Royal Family.

The couple revealed in an Instagram post on the Duke and Duchess of Sussex's Instagram page that they will be splitting their time between the U.K. and North America.

“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 couple wrote. “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. It is with your encouragement, particularly over the last few years, that we feel prepared to make this adjustment."

Harry and Meghan explained that they will honor their duty to the Queen and Commonwealth by going back and forth between the residences. "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," they continued. "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. Until then, please accept our deepest thanks for your continued support.”

The Duke and Duchess of Sussex signed the statement along with posting a picture from their engagement announcement in 2017.

You'll recall that the couple spent their first Christmas with their 8-month-old son Archie on Vancouver Island, not with the rest of the Royal Family.

See the full press release and Instagram post, below.