Prince Harry, Prince William 'Divorce' Deal: Dukes Will Split Princess Diana's Funds in Official Settlement
Royal heartbreak: The two Wales brothers, Prince William and Prince Harry have further drifted apart from each other.
According to reports, the Duke of Cambridge, 38, and the Duke of Sussex, 35, have agreed to split the future proceeds given to The Diana Princess of Wales Memorial Fund, which they have set up to honor the legacy of their late mom.
The Diana Fund is an independent grant-giving foundation established in September 1997 after the death of Diana, Princess of Wales, to continue her humanitarian work in the UK and overseas.
The Diana Memorial Fund is no longer raising funds. Still, it has been reported to occasionally receive donations and legacies, with most of the proceeds going to Prince Harry and Prince William's chosen charities.
Financial documents show that the two brothers signed an agreement in December 2019, which divides the funds between the Royal Foundation of the Duke and Duchess of Cambridge, and the newly-abandoned Sussex Royal Foundation.
It has been reported that an unrestricted grant of $181,000 was given to the Sussex Royal Foundation to help it commence.
An additional $125,000 was given to the Duke and Duchess of Sussex's foundation to aid in the development of Prince Harry's sustainable tourism program, Travalyst.
Since 2013, the Royal Foundation assumed lawful control of The Diana Fund to safeguard any future income upon the ending of its operations.
According to the foundation's report and financial statements, "On 18 December 2019, an agreement was signed with the Sussex Royal Foundation by which The Royal Foundation intended to grant half of the net future proceeds received by the Diana Fund to Sussex Royal."
The Royal Foundation was initially a joint organization of the Cambridges and the Sussexes, but in June 2019, Prince Harry and his wife, Meghan Markle, revealed they have separated from their collective charity.
As part of the Sussexes' decision to leave the charity, the Royal Foundation said it had also agreed to run a home for legacy projects set up by the Duke and Duchess of Sussex.
This means that the Hubb Community Kitchen, Empowering Communities, and Full Effect programs are still granted funding through the Royal Foundation.
Moving forward, Prince Harry chose Sentebale, a charity he set up to help the victims of extreme poverty and HIV/Aids in Lesotho, Botswana, and Malawi, for the donations.
Prince Harry and Meghan Markle are now living in Los Angeles after stepping down as senior members of the royal family in March.
In July, it was reported that the couple was winding up their UK foundation as they go ahead with their own global charitable body, Archewell.
They have established the new charitable organization in the past few months.
Archewell comes from the Greek word Arche, which means "source of action." It also mirrors the name of their son, one-year-old Archie Harrison.
Last month, the couple announced that they would be postponing the launch of Arcehwell, as they focus on supporting the Black Lives Matter movement and coronavirus relief efforts.