New details are emerging about Prince Harry and Meghan Markle's future plans.

At the start of 2020, the Duke and Duchess of Sussex announced that they're taking a step back from royal duties. In Harry and Meghan's statement to the public, published on Jan. 8, the couple shared that they plan to balance their time between the UK and North America. The duo also noted that they're working to become "financially independent."

Just over a week later, Queen Elizabeth II finalized an agreement for Harry and Meghan's exit. In her statement, the Queen said that Harry, Meghan and their son Archie will "always be much loved members of my family."

In a separate statement from Buckingham Palace, it was announced that Harry and Meghan are "required to step back" from royal duties, including official military appointments. The couple will also no longer receive public funds for royal duties.