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After months of speculation, it finally happened: Prince Harry and Meghan Markle are breaking from their royal duties.

Today, the Duke and Duchess of Sussex revealed that they’re stepping down as “senior” members of the royal family. The couple announced the news on their joint Instagram account and shared a lengthy caption explaining their decision.

It read, “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.”

Prince Harry and Markle went on to say that this decision will allow them to travel whenever they please, “We now plan to balance our time between the United Kingdom and North America, continuing to honor our duty to The Queen, the Commonwealth, and our patronages. 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 concluded with parting remarks, adding, “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.”

Whoa.

RELATED: Listen to ‘Royally Obsessed,’ the Podcast for People Who Love the Royal Family

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