This, according to royal analysts, means that the young couple is set to semi-abdicate from the throne.
The announcement was met with mixed reactions.
Some, crediting the pair for tending to their emotional needs following a tough few years of media scrutiny, while others condemn the couple for no longer aligning with the status quo.
The Sussexes posted the updated onto Instagram, a fitting resting place for their continuation into a modern world never before embraced by royals.
'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 post reads.
'We now plan to balance our time between the United Kingdom and North America, continuing to honour our duty to The Queen, the Commonwealth, and our patronages.
'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.'
Meghan and Harry’s desire to break free from royal traditions and renounce the usual menu of royal obligations speaks directly to the challenges facing the monarchy as the reign of the queen, now 93, enters its final years.
Something even more significant worth mentioning is the great lengths the couple went to praise the institution from whence they came, while also pledging loyalty to the Queen.
It's understood that the couple made their decision without the Queen's official permission, resulting in an icy response from Her Majesty's press team.
“Discussions with the Duke and Duchess are at an early stage,” the palace said in its own statement — meaning, possibly, that discussions, such as they are, started very recently.
“We understand their desire to take a different approach, but these are complicated issues that will take time to work through.”
But, what does this mean for the Sussexes? And, why now?
The decision follows a six-week break spent in Canada, during which the family kept a low profile.
However, the choice has quite possibly been lingering for some time. Harry's childhood was ravaged by public life by way of his mother's untimely death, while Meghan has been vocal about how difficult she has found the relentless media scrutiny.
Furthermore, their decision to not give Archie an official time also hinted at the move, presumably to allow him to move within society privately.
What shall we be calling them from now on?
As stated on the Sussex Royal website, both parents will keep their titles due to historic precedent.
It's presumed that their surname will be that of Mountbatten-Windsor, which is the surname Archie holds.
Why wouldn't they have consulted the Queen, Harry's grandmother?
While this has not yet been confirmed, it's believed that a rift has gripped the royal family for some time. (An ITV documentary chronicling the Duke and Duchess of Sussex's royal tour in southern Africa hinted at it repeatedly.)
This could be down to a number of things, many of which we are not privy to. Something that may have caused tensions to spark is that of the rumoured affair William had with 'rural rival' Rose Hanbury.
Following this, along with months of speculation, Harry revealed that the pair were "on different paths."
Given those tensions, it may not be entirely surprising that the couple didn't consult the rest of the family.
Will they have to pay taxes?
This seems entirely likely.
At present, the Duke and Duchess do not have any tax privileges. But, because they don't have private incomes at the moment and largely live off public and family expenses, they have not had to pay any tax as of yet.
The pair is likely to resume roles similar to those of relatives Princess Beatrice and Eugenie.
Neither sister is obliged to attend the endless array of royal engagements, but they also don't receive any financial support by way of the Sovereign Grant – a tax-funded kitty given annually to fund the Queen in her official duties.
Will Meghan return to acting?
In her first-ever interview alongside Prince Harry, Meghan said she intended to quit acting after their marriage, calling the change a "new chapter."
Unfortunately for The Crown fans, that means she is not likely to grace Netflix anytime soon.
Will they work?
Yes, this is also likely. Like Beatrice and Eugenie (who work in tech and art curation respectively) that both Harry and Meghan will return to the working world by way of their vested interests.
It's likely both will continue with their prolonged charity work, while Meghan, in particular, will continue to strive for female empowerment.
What does it actually mean when they say they plan to be 'financially independent'
Under previous financing arrangements, Harry and Meghan were prohibited from earning any income in any form.
Up until now, 5% of the couple's official expenses were paid for by the previously mentioned Sovereign Grant – an annual lump sum from the UK government. But they say they are now giving up that public funding to try to become 'financially independent.'
The couple says they will continue to receive money from Harry's father, Prince Charles, who funds the remaining 95% of the couple's personal and professional expenses through his private estate, the Duchy of Cornwall. However, it's not unsure whether he will continue to finance them following the surprise announcement.
Harry has also inherited millions from Princess Diana, but it is probably not enough for the couple to live on with their current lifestyle.
Where will they live now?
The Duke and Duchess said on their website that they will continue to use Frogmore Cottage as their official residence so that "their family will always have a place to call home in the United Kingdom."
But that will require the permission of the Queen. Her office says all the details will "take time to work through."
They also plan to spend a considerable amount of time in North America.
What does this mean for Archie?
Archie's royal line of succession remains entirely the same as it once was.
READ: This is How Baby Sussex Differs from Royal Babies Past
READ MORE: Meghan Markle Is Single-Handedly Saving The Royal Family – Here's How
