Princess Alexandra of Denmark would lose her title and tax-free income if she marries after divorcing Prince Joachim, according to an agreement she signed.

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The Danish Royal Court said the former wife of Prince Joachim plans to marry photographer Martin Jorgenson on March 3, forsaking her yearly income of nearly $253,000 and membership in the royal family, the Times of London said Friday.

If the wedding takes place, Princess Alexandra would become Countess of Frederiksborg. She met Jorgensen when he came to her home to shoot a film about her husband.

The princess and the prince met at a party in her native Hong Kong in 1994. Prince Joachim asked her to marry him the next year. She had to renounce her British citizenship and end her career in marketing before the wedding.

The royal couple had two sons, Nikolai, 7, and Felix, 4.

By the summer of 2004 the Danish newspapers were reporting that their relationship was in trouble. In 2005, the prince and princess became the first Danish royal couple to divorce since 1846.