03/19/2018 10:43 EDT | Updated 03/19/2018 15:09 EDT

Prince Harry Won’t Sign A Prenup Ahead Of The Royal Wedding: Report

There's no need when it's true love, right?

It's no secret that Prince Harry is a wealthy man — he's a royal, after all — but that doesn't necessarily mean he'll get a prenup before he weds his American love, Meghan Markle.

According to the Daily Mail, the 33-year-old prince — who has an estimated £30 million (approximately C$55 million) fortune — has declined to sign a prenuptial agreement ahead of the royal wedding in May.

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Meghan Markle and Prince Harry at the 2018 Commonwealth Day service at Westminster Abbey on March 12, 2018.

"There was never any question in Harry's mind that he would sign a prenup," a source told the site. "He's determined that his marriage will be a lasting one, so there's no need for him to sign anything."

If this report is true, that means Harry is following his brother's lead, as Prince William also reportedly declined signing a prenup when he tied the knot with Kate Middleton in April 2011, Express U.K. reports. also notes that prenuptial agreements are not as common in the U.K. as they are in the U.S., which is another reason Harry may reject the idea.

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Prince Harry arrives at the Museum of Army Flying on March 16, 2018 in Stockbridge, England.

The prince's estimated fortune is comprised of of his own earnings, as well as his inheritance from his late mother, Princess Diana. Harry and William received half of her estate when they turned 30, which is roughly £10 million, or about C$18 million, each, Time reports.

Additionally, the inheritance also included some jewelry from Diana's personal collection, which she wanted her sons to save for their future wives. This explains why Markle's engagement ring include two of Diana's diamonds.

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Prince Harry and Meghan Markle hold hands at an official photocall to announce their engagement in November.

In comparison to Harry's fortune, Markle is worth an estimated US$6.5 million, or C$8.5 million, from her acting career and other ventures, Marie Claire reports.

While both Harry and Markle are well-off on their own, family lawyer Kim Aucott, of U.K. law firm Slater Heelis, previously told Express U.K. that it's still a good idea for the couple to get a prenup in order to keep their financial matters private.

"I would have said anyone in their position should be advised to have [a] prenup," Aucott told the site after the royal couple got engaged in November. "And the reason being is so they can resolve financial matters between themselves without it being in the spotlight. There is so much more privacy and confidentially with a prenup."

Prince Harry and Meghan Markle at their engagement photocall at Kensington Palace.

Aucott also noted that divorce can happen to anyone, as Harry's own parents, Prince Charles and Princess Diana, split when he was 12, and Markle and her first husband, Trevor Engelson, divorced in 2013.

But regardless, a prenup is a personal decision, which is why Kensington Palace declined to comment, citing it as a "private matter," the Daily Mail reports.

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