Three years after their fairy tale wedding, Prince Albert and Princess Charlene of Monaco are finally expecting not only one, but two babies!

Princess Charlene, 36, will give birth by the end of this year, however, it is still unsure which of the two babies will inherit the principality.

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Princess Charlene's pregnancy was announced last May.

The Monegasque constitution states that while the first born child is the closest in line to succeeding the throne, priority, however, will be given to male heirs. Thus, the Royal Family will have to face an inheritance issue when the first born happens to be a girl.

Albert's father, Prince Rainier III, gently revised Monaco's constitution, which gave his daughters, Caroline and Stephanie, and their heirs, the right to inherit the throne. Albert was then unmarried and the old provision states that the absence of the male heir would make Monaco a French territory.

Princess Caroline of Monaco, the Princess' eldest sister, is currently the principality's heiress presumptive. 

Prince Albert married the former South African Olympian in July 2011.

In an interview with Associated Press, the Prince said that he and his wife were 'overjoyed', 'thrilled' and 'very excited' with the birth of their child-or children-as it was then unknown that the Princess was carrying twins.

The Prince also mentioned that they were being very careful to "make sure everything goes well."

Albert, 56, who has been ruling the tiny principality since 2005, has acknowledged two children out of wedlock. His daughter, Jazmin Grace Grimaldi was born in 1992 to American Tamara Rotolo. In 2003, he also father a son, Alexandre Coste to Togo native Nicole Coste. While they are allowed to inherit the throne, the two, however, are set to receive a sizable chunk of the Prince's personal fortune, which is estimate to be around $1 billion.

Rumors circulated that the Princess was with a twins when the official birth announcement did not specify a number of children.

TagsPrince Albert of Monaco, Princess Charlene of Monaco, Monaco, Royal Family