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January 10, 2017 05:08 AM

Ivanka Trump will officially resign from her executive vice president job at the Trump Organization, Vanity Fair reported Monday, the same day that her husband, Jared Kushner, accepted a position as senior adviser to the president in Donald Trump‘s White House.

Citing a statement from Kushner’s lawyer, Vanity Fair reported that Trump’s daughter decided to step down from management and operations of the Trump Organization — and from her eponymous fashion brand — in order to comply with ethics laws.

Lawyers familiar with the situation confirmed to PEOPLE that Kushner will resign as chief executive of Kushner Companies and as publisher of the Observer, while Ivanka will resign from all officer and director positions she holds at her father’s Trump Organization and her Ivanka Trump fashion brand. Ivanka and Kushner will not sell all of their assets, but will make “substantial divestments” from some of their holdings, the lawyers said.

Vanity Fair wrote that Ivanka “will sell all of her common stock and restructure her participation in Trump Organization transactions so that she no longer benefits from the profits. Instead, she will get a fixed series of payments from the revenue of a spate of projects. She will also recuse from participating in her interest in the Trump International Hotel in Washington, along with her interest in her brand.”

CNN’s Dylan Byers reported that, according to Kushner’s lawyer, “He will be transferring his interest [in the Observer] to his brother.”

Trump announced in a statement Monday that his son-in-law will serve as senior advisor to the president and that Kushner has “chosen to forego his salary while serving in the administration.”

Trump praised Kushner, who has been one of his closest advisers in both his presidential campaign and his White House transition, as a “widely respected businessman and real estate developer was instrumental in formulating and executing the strategy behind President-elect Trump’s historic victory in November.”

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“Kushner will work closely with Chief of Staff Reince Priebus and Chief Strategist Stephen K. Bannon to execute President-elect Trump’s agenda. Together, Bannon, Priebus, and Kushner have formed an effective leadership team,” the statement said.

“It is an honor to serve our country,” Kushner said in the statement. “I am energized by the shared passion of the President-elect and the American people and I am humbled by the opportunity to join this very talented team.”

Kushner and Ivanka are moving their family — including kids Arabella, Joseph, and Theodore — to Washington, D.C., in the coming weeks, where they’ve purchased a 6 bedroom, $5.5 million home in Kalorama, the same D.C. neighborhood that the Obamas will move to after they leave the White House.

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