Tatiana Santa Domingo and Andrea Casiraghi
08/06/2013 at 07:00 AM EDT
Add another royal event to your calendar: Monaco's Andrea Casiraghi, the son of Princess Caroline and grandson of the late Princess Grace, will marry fiancé Tatiana Santo Domingo
later this month, sources confirm.
"The wedding will occur on Aug. 31," a spokesperson for Monaco's Pink Palace tells PEOPLE. "It will be a private ceremony."
The couple, who have dated for seven years and have a son, Sacha, born last March
, were schoolmates together at Paris's Lycée Fontainebleau.
They were introduced by Casiraghi's sister Charlotte and have been engaged since July 2012.
Casiraghi, who is Caroline's eldest son, is second in line to succeed his uncle, Prince Albert II, as Monaco's ruling sovereign. Santo-Domingo is a Colombian heiress and fashion designer.