(CNN) — Prince Harry and Meghan, the Duchess of Sussex, are stepping back from their roles as senior members of the British royal family and plan to work towards becoming “financially independent,” the couple announced on Instagram on Wednesday.”

‘After many months of reflection and internal discussions, we have chosen to make a transition this year” they wrote, explaining that they hope 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 revealed they plan to split their time between the UK 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,” they wrote.

“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 couple and their baby son Archie spent the recent Christmas holidays in Canada. On Tuesday, they paid a visit to Canada House, in London, to thank officials for the hospitality shown to them while they were there.

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