What Harry and Meghan could do with their newfound "freedom"

Cutting royal ties was only option for Harry

As Prince Harry and Meghan Markle head into uncharted territory after their split from the royal family, there is speculation the couple might establish a foundation similar to former U.S. President Barack Obama and his wife Michelle.

"Meghan in particular will be able to support causes of women's empowerment that people in the palace here would think are too political," royal historian Robert Lacey told CBS News correspondent Charlie D'Agata.

Lacey, who also is a consultant for the Netflix series "The Crown," said "freedom is a big element" in the couple's decision to cut ties with the royal family. "That's what they sense in North America, and that's what they want to enjoy," he said.

In an emotional speech on Sunday, Harry said he and Meghan had "no other option" but to cut most of his royal ties. As part of the deal announced by the queen, Harry and Meghan will no longer be allowed to use their royal titles or receive public funds. 

Harry said their hope "was to continue serving the queen, the commonwealth, and my military associations, but without public funding," but "unfortunately, that wasn't possible."

The couple is expected to make commercial deals with their newfound financial independence. Currently, the only deals they have are Meghan's voiceover for Disney and Harry's documentary with Oprah Winfrey, which will be on Apple TV.

"Where they're absolutely clear, they're saying they're not going to become big-brand ambassadors for global names, for global companies," Roya Nikkhah, royal correspondent for The Sunday Times, told "CBS This Morning" on Monday.

Nikkhah said there was speculation that Meghan might be a brand ambassador for Givenchy, the designer who designed her wedding dress. While the palace ruled that out at the time, it won't have any oversight over future deals that Harry and Meghan make.

Harry and Meghan are in “uncharted territory” after royal split