"They're pretty exhausted," a source tells PEOPLE of the couple, who are expecting their third child

By Brittany Talarico
May 07, 2019 03:12 PM

After an exciting (and fashion-forward!) pregnancy reveal at the New York City premiere of Pokémon Detective Pikachu on Thursday, many were hoping to see Blake Lively attend what would have been her 10th Metropolitan Museum of Art Costume Institute Gala (and her second while pregnant!). But Lively’s style-setting ways were sadly missing from Monday’s Met red carpet. And so was her husband Ryan Reynolds.

A source tells PEOPLE that the couple skipped this year’s fashion prom, where they were listed as members of the 2019 host committee alongside Jennifer Lopez, Alex Rodriguez, Priyanka Chopra and more stars, because of their busy schedules and growing family.

“Between Ryan’s schedule and Blake’s pregnancy, they’re pretty exhausted,” the source says. “It’s a lot juggling everything especially with two young kids.”

A second insider adds: “Ryan is also leaving to go film a movie on location soon and the family is traveling with him so everybody has a lot on their plate right now.”

Be sure to check out all of PEOPLE’s Met Gala coverage to get the latest news on fashion’s biggest night.

On Thursday, Lively surprised fans with her pregnancy at the premiere of Reynolds’ new film Pokémon Detective Pikachu, hitting the red carpet in a yellow bump-hugging Retrofête dress. The couple – who wed in 2012 – are already parents to 4-year-old daughter James and 2-year-old Inez.

Credit: Matt Baron/REX/Shutterstock

Reynolds recently told PEOPLE he and Lively won’t work at the same time in order to keep their family together.

“Blake and I don’t do movies at the same time,” he shared. “If she is doing a movie in Thailand and I am doing a movie in Vancouver we would just never see each other. We operate as a unit, and that works really well for us.”

He continued, “The kids stay with us, and the family stays together, and that is where home is. So if we are in Spain or Utah or New York, as long as we are together, we’re home.”

WATCH: The Cutest Couple Moments on the Met Gala Red Carpet

At last year’s Met Gala, Lively traded in Reynolds as her date, instead attending with her fashion fairy godfather Christian Louboutin.

Lively paid homage to the 2018 Met Gala theme, “Heavenly Bodies: Fashion and the Catholic Imagination,” wearing a custom Versace gown featuring regal embroidery, a bejeweled bodice and a full skirt.

Credit: Andrew H. Walker/Shutterstock

She accessorized with over $2 million worth of Lorraine Schwartz jewelry including a custom-made halo with over 100 carats of nude champagne diamonds, a pair of 30-carat Colombian emerald and diamond earrings, an armful of gold bracelets, three diamond and ruby rings, and of course, her personal oval Lorraine Schwartz engagement ring.

Lively selected a plunging, gold Atelier Versace gown with heavily embellished fringe-style beading and blue feathers that cascaded down the train. (The theme was “Rei Kawakubo/Comme des Garçons.”) She teamed the dress with over $3.5 million of Lorraine Schwartz and Ofira Jewels jewelry, including 82-carat Burma sapphire earrings, a Lorraine Schwartz 10-carat triangle diamond ring, a 28-carat nude diamond pear shape ring and a 50-carat triple sapphire ring.

Once again, Reynolds looked dapper as ever in sleek tux and blue bow tie to match the plumes on his wife’s gown.

Credit: Dimitrios Kambouris/Getty

Can’t get over Lively’s fashion prom looks? Us either. Take a look back at all her Met appearances, below.

Credit: Kevin Mazur/WireImage

2016, Manus x Machina: While some stars dressed like robots, Lively kept her baby bump hidden in a romantic, blush Burberry gown complete with a corset top and pleated skirt, which she teamed with a hand-dyed cape featuring acrylic petals.

Credit: Rabbani and Solimene Photography/Getty

2014, Charles James, Beyond Fashion: Even Reynolds couldn’t take his eyes off Lively in that low-cut, form-fitting Gucci Première blush gown embroidered with rose gold paillettes and featuring a long train.

“I love a train but then when I get on these stairs, I’m like, ‘Why am I wearing a train?'” she told PEOPLE at the event.

Reynolds looked similarly sleek in a custom midnight blue velvet tuxedo and classic bow-tie, also from Gucci.

Credit: Kevin Mazur/WireImage; Dimitrios Kambouris/Getty; Larry Busacca/Getty

2013 Chaos to Couture: While she didn’t go full-on punk, Lively did add some edge to her strapless Gucci Première gown (featuring a full feather-and-organza skirt) with a smoky eye and dangling Lorraine Schwartz earrings so long they hit her collarbone.

2011, Alexander McQueen Savage Beauty: Lively was a Chanel goddess and Karl Lagerfeld was her god. The end.

2010, American Woman Fashioning a National Identity: This was her only Met mini moment, and it was a good one. Lively showed off her tan and toned legs in a turquoise Marchesa minidress, plus she was decked in almost 200 carats of Lorraine Schwartz diamond jewelry.

Credit: WireImage (3)

2009, The Model As Muse: Supermodel may not be on her résumé, but she’s definitely a muse. Her teal, skin-baring Versace gown was stunning from all angles.

Credit: Jamie McCarthy/WireImage

2008, Superheroes: Blake may have played it safe in her black strapless Ralph Lauren gown with feather trim, but she did bring a brooding superhero with her as her date: Lonely Boy!