In 1978, Prince Michael married Baroness Marie-Christine von Reibnitz, daughter of Baron von Reibnitz and the former Countess Marianne Szapary, in Vienna. The Princess has written a number of historical books and now lectures internationally at universities, museums and organisations such as Sotheby's. Prior to her marriage, Princess Michael formed her own successful interior design company, Szapar Designs.

The Prince and Princess have two children. Frederick was born in 1979. He attended Sunningdale School and then won a scholarship to Eton. He read classics at Magdalen College, University of Oxford, and is now a Private Banker with JP Morgan. His sister Gabriella, born in 1981, was educated at Godstowe and Downe House, followed by a degree in Comparative literature at Brown University, Rhode Island, USA. She is now a journalist.

The family lives at Kensington Palace. Eighth in line to the throne at the time of his birth, the Prince lost his right of succession following his marriage, under the 1701 Act of Settlement, because the Princess is a Roman Catholic. His children, however, still have a claim to the throne.