Why Peta Murgatroyd and Maks Chmerkovskiy Will Return to 'DWTS' So Soon After Son's Birth: 'Having a Kid Is Not Cheap,' Says Source

"Maks had concerns that being a dad would consume his whole life," a Dancing with the Stars source tells PEOPLE of Maks Chmerkovskiy's initial concerns

VALENTINNICOLE - Front Row - February 2017 - New York Fashion Week
Photo: Monica Schipper/Getty

Peta Murgatroyd and Maksim Chmerkovskiy may have just introduced their baby boy to the world, but the couple are ready to put their ballroom shoes back on.

The new parents are realizing that life with son Shai Aleksander, 6 weeks, is something they can balance with their careers, a Dancing with the Stars source tells PEOPLE following the announcement that Murgatroyd and Chmerkovskiy will return for the show’s 24th season

“Maks had concerns that being a dad would consume his whole life. But since Shai arrived, he and Peta both realized they can handle the show and being parents too,” the source tells PEOPLE exclusively.

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Adds an insider, “Having a kid is not cheap, and doing the show gives them a lot more financial freedom.”

The engaged couple, who plan to wed this summer, debuted their baby boy on Good Morning America Friday, and announced Tuesday on the show that they would be returning for DTWS‘ upcoming season.

“I’ve definitely missed the dance floor,” said Murgatroyd, 30, who took home the Mirrorball Trophy with partner Nyle DiMarco in May 2016 during the show’s 22nd season. “And I haven’t been able to defend my title with Nyle, so I want to get back out there!”

ABC News

RELATED VIDEO: Maks Chmerkovskiy and Peta Murgatroyd Show Off Baby Shai’s Adorable Nursery

“It’s definitely a special time,” Chmerkovskiy, 37, added of these first few weeks of new parenthood. “I always wanted to have kids — never thought it would be like this.”

“You just can’t stop staring at this little person and you know how parents say every little fart and sneeze, it’s like, oh my God! So I’m just enjoying it,” he adds.

“This is the only difficult part about coming back on the show this time, because it will just take time away from being with this dude,” Chmerkovskiy confesses, joking, “But like I said, I just want to make her coming back and winning as difficult as possible!”

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