According to the new agreement the couple cannot use their exclusive titles, His Royal Highness and Her Royal Highness, and will forgo the public funding of their activities and the couple will also repay more than $3 million for the refurbishment of Frogmore Cottage, their residence.
Taking about the split, Harry said there was "no other option" for them in this issue.
"It was so many months of talks after so many years of challenges. And I know I haven't always gotten it right, but as far as this goes, there really was no other option. What I want to make clear is we're not walking away, and we certainly aren't walking away from you," he said.
"I will always have the utmost respect for my grandmother, my commander in chief, and I am incredibly grateful to her and the rest of my family, for the support they have shown Meghan and I over the last few months," he observed.
"I will continue to be the same man who holds his country dear and dedicates his life to supporting the causes, charities and military communities that are so important to me," he added.