Prince Harry and Meghan Markle are officially leaving the royal life behind! As of April 1st, the couple will no longer be considered senior working royals. The transition comes just a few months after Harry and Meghan's announcement back in January stating their intent to step down from their roles and begin a new financially independent life together. While their decision initially came as a shock to the royal family, they were able to smooth out the details after meeting with the Queen, Prince Charles, and Prince William. 

Over the course of the past few weeks, Harry and Meghan were seen attending the last of their royal engagements in a royal farewell tour. They paid visits to their key patronages in the United Kingdom, and attended the Commonwealth Service at Westminster Abbey. Now that the day has finally arrived for their royal exit to take place, here's what it will mean for Harry and Meghan's future!

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Meghan and Harry will no longer receive funding from taxpayers

Meghan and Harry's decision to step away from the royal family comes with several changes to their lives. As People reports, once their royal exit officially comes into effect, this means that they will no longer be official representatives of the Queen or Commonwealth. However, they have stated that they still intend to uphold the Queen's values. While the couple won't be carrying out royal duties after March, they will be allowed to keep their previous patronages.

The couple's shift in position also marks a change in their finances. That's because Meghan and Harry are now considered to be "financially independent", which means taxpayers will no longer be paying them Sovereign Grant money. Moving forward, they will be allowed to earn their own individual incomes and pursue private charity work. Meghan and Harry have been said to be in the process of creating a new non-profit organization, which they discussed with professors at Stanford University last month.

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Meghan and Harry to no longer use the Sussex Royal name

Meghan and Harry will still technically retain their "HRH" titles ("His Royal Highness" and "Her Royal Highness"), but won't be able to use them since they are no longer considered to be active working royals. Their change in position will not affect Harry's position in line for the throne— only his honorary military roles— and the couple will still be known as the Duke and Duchess of Sussex.

However, their stepping down as senior royals means that as previously agreed upon with the royal family, Harry and Meghan will no longer be able to use the "Sussex Royal" branding in any form. On Monday, the couple made their final post to the Sussex Royal Instagram, thanking those who have supported them as they prepare to begin the next chapter of their lives.