Taylor Hanson is adding another girl to his crew!

On Friday, the Hanson musician's wife Natalie revealed on Instagram that she is pregnant with a baby girl, the couple's third daughter together and seventh child.

"Sisters are so special and these two are getting a new one very soon! 🎀🎉🎀🎉," Natalie, 36, wrote on Instagram while sharing a series of photos of her two girls, Wilhelmina "Willa" Jane, 8, and Penelope "Penny" Anne, 15. She and Taylor are also parents to sons Claude Indiana Emmanuel, who turns 2 on Dec. 26, Viggo Moriah, 11, River Samuel, 14, and Jordan Ezra, 18.

Natalie explains to PEOPLE how she and Taylor are deliberating over a moniker for their baby on the way.

"The process of choosing a name can be as unique as the name itself," she says. "Sometimes the perfect name is a longtime love just waiting for the chance to be brought to life, other times you need to explore and patiently search out the name that is waiting for you to discover. Sometimes it's a quick, unexpected moment of inspiration where you just know you've stumbled across the perfect name."

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Taylor Hanson and Wife Natalie Expecting Seventh Child: 'Grateful for This Fresh Wave of Joy'

"When choosing the names for my children, I tend to gravitate toward names that are unexpected, but translatable," Natalie adds. "I like to find gems that are still undiscovered enough to make people squirm just a little when they first hear it, but in time sound completely obvious. I love a name that reflects both mine and my husband's taste — a little bit name-nerd, a little bit rock 'n' roll!"

In celebration of their baby on the way's name reveal, the couple are teaming up with Nameberry and allowing fans to guess the name for a chance to win $1,000. Already in on the game is Name Guru to the Stars Sophie Kihm, whose guesses include Cornelia, Dorothea, Guinevere, Henrietta, Lucinda, Millicent, Minerva, Susannah, Tabitha, and Theodosia.

The celebrity parents first announced the news that they are expecting their seventh child back in September alongside a sweet photo of the couple holding hands in a field.

"The best kind of unexpected. Number seven coming this December. #2020," Taylor, 37, wrote.

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In an exclusive statement to PEOPLE at the time, he added, "Our family is thrilled to be welcoming a new member later this year. More than ever, we are especially grateful for this fresh wave of joy."

Notably, Taylor is one of seven children himself — in fact, he and brothers Zac and Isaac Hanson (who make up the popular American pop-rock band) are the oldest in a family that includes another brother and three sisters.

Isaac, 40, has three kids of his own — daughter Nina Odette, 6½, plus sons James Monroe, 12, and Clarke Everett, 13 — while Zac, 35, is a father of four: daughters Mary Lucille Diana, 4, and Junia Rose Ruth, 9½, plus sons George Abraham Walker, 7 next month, and John Ira Shepherd, 12.

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