"We've been good about making sure Bronx has balance," the Fall Out Boy bassist says of raising his eldest son with his ex
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Pete Wentz is opening up about his modern family.

The Fall Out Boy bassist — who is currently on tour promoting the band’s seventh album, Mania — has been dating model Meagan Camper, 28, for almost seven years. The couple are parents to son Saint Lazslo, 3; they’ll welcome a daughter this spring; and they are raising his son Bronx Mowgli, 9, with his ex-wife Ashlee Simpson, 33, and her husband, Evan Ross, 29.

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Ashlee Simpson and Pete Wentz in 2010

“We co-parent really well,” Wentz, 38, says of his blended family in the new issue of PEOPLE.

“I have to say, I have really good co-parents to deal with. [Ashlee and Evan] are both communicative and easy-going,” the rocker adds. “For Bronx, it’s basically the only life he’s really known. So it’s normal to him, and he’s really good at it. Our schedules can be crazy, so we’ve been good about making sure Bronx has balance.”

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Credit: Koury Angelo

Pete Wentz with, from left, sons Saint and Bronx, partner Meagan Camper and vizsla Bearenstain

For much more on Pete Wentz, pick up the new issue of PEOPLE, on newsstands everywhere now.

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Indeed, Wentz and Simpson — who split in 2011 after nearly three years of marriage — share custody of their son. When Dad is on tour, they enjoy plenty of FaceTime dates, and when he’s home at their L.A.-area house, he’s just “the guy that makes pancakes or runs around in the backyard with them, which is grounding in the best possible way.”

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Credit: Koury Angelo

Pete Wentz and Meagan Camper

And the rock star is open to marriage again.

“It would be nice to celebrate something with our friends and our family,” he says, “but the relationship and commitment and responsibility we have to each other and to our kids is so much bigger [than a wedding] — it’s a lifetime thing. So I think there’s not a rush.”