Congratulations! Babies are awesome, and I'm staring down this barrel myself. (Due in less than 4 weeks now.)
Our situation is a bit more complicated than some others. That is, it's not a straightforward, "both parents work, so should one of us quit for a while?" situation. I currently work for the local U and my husband is a student with a very part time student job (just over $100/paycheck). He's got the option of adding more hours later as he accrues seniority and dependent upon class time, but we'll have to figure out if more working time is actually worth the meager pay bump after the child arrives. I am a bit stuck in where I work since I get (for our area) extremely generous health benefits and free tuition for the spouse, among other things.
Legally, I could take 18 weeks of FML. Practically, I only get paid for whatever leave time I've accrued. Since mine is the only real money coming in, despite what we've built up and saved, I don't feel that I can take the full 18 weeks, so instead I'll be taking just under 3 months, barring any complications. (If I need to have a C-section, or if Baby needs to be in the NICU, I can then apply for the leave share program after my own leave runs out, which would allow me to take more paid time based on the generosity of my colleagues. I'm still crossing my fingers that it's not necessary.)
The one benefit to our unusual situation is flexibility. We don't "need" my husband's paycheck, but the work is giving him resume material. However if he has to quit for any reason, we'll survive. I've considered applying for better-paying jobs at the U, but my current one has me in a place where we don't need to stick to formal business hours. I have a decent amount of leeway in what my schedule will be when I return, so we can try to have one or the other of us with Baby as much as possible.
For outside help, should we need it, we have a friend who is a SAHM who might be able to provide a little bit of care, a retired MIL who is itching to visit as often as possible ("Can I come up there once a month?!"), and a cousin who is a student at the U who has offered to babysit whenever we want/need it in return for the use of our kitchen so that she can indulge her love of baking. (If we ask her to come on a regular schedule, we'll pay her.)
I would love to stay home but don't have that option at the moment. (Well, I mean, I could, but...) However, my husband will finish school within two years, and he's been taking as many classes, and as many of the more demanding ones, as he can before Baby's arrival so that we have a bit of scheduling cushion. After he graduates, things will change. The field he's getting his degree in is very much in demand, and very lucrative. (Starting salary is twice what I make.) We'll almost certainly move (he can make so much more elsewhere) and at that time I'll probably stay home for a bit. Or, if we have family nearby who could look after the child, I'll try to work part-time until we decide we're ready for #2.
Good luck to you and your spouse in figuring out what's next for you! Also, I hope the rest of your pregnancy goes well. At this point, for me, the waiting is the worst part. :)