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Jennifer Lopez and Alex Rodriguez are newly engaged after two years of dating, and already excited to build a fun, fashionable and family-filled future together.

“We're really happy,” Lopez tells PEOPLE in this week's issue, just days after Rodriguez surprised her with a 16-carat diamond ring while on a romantic vacation in the Bahamas. “We have [an] appreciation for where we are in our lives today, and that's what we're enjoying the most,” adds Rodriguez.

One of the first orders of business for one of the world's most famous — and sexiest — power couples: Getting back to work. After returning to New York from their celebratory island getaway, the global icon, 49, and the baseball star-turned-entrepreneur, 43, are revealing that an engagement isn't their only new collaboration.

J-Rod just announced their first fashion partnership as a couple as the newest brand ambassadors for eyewear label Quay Australiathis link opens in a new tab. Not only do they costar in the super-sexy new ad campaign, but the duo also inspired two different collections for the brand: Quay x JLo and Quay x ARod, available nowthis link opens in a new tab.


Of course, the pair has already proven they work well as a team. They seamlessly coordinate their red carpet fashion and they even set off a national trend with their #10DayChallenge no-sugar, no-carb diets.

“Everything that we do, we do together,” the World of Dance judge says. “He knows my dreams and I know his dreams, and together we feel like we're stronger.”

They also find joy in strengthening the bonds of their blended family, which includes Rodriguez's daughters Natasha, 14, and Ella, 10 (with ex-wife Cynthia Scurtis) and Lopez's 11-year-old twins Max and Emme (with ex-husband Marc Anthony). While shooting with Quay in Miami, their children even stopped by the set. “We all come down here and it's our city, it's our second home,” Lopez says.

What matters, ultimately, is being together. As Lopez prepares to shoot her new film Hustlers in N.Y.C. this month and for her 50th birthday “It's My Party” tour in June, Rodriguez will be right there cheering her on.

“I don't have to play 162 games anymore, so I have a lot of time on my hands,” says the former Yankees All-Star, who now is a top MLB sports analyst and fronts his own fitness empire.

And it's this unconditional love that fuels their relationship: “We're constantly supporting each other in our individual endeavors and thinking about all the things that we can build together,” Lopez says. Adds Rodriguez: “We are very grateful.”