"Naming a baby -- who will one day be an adult out in the world -- is hard," Murgatroyd mused. "It took months and months to find a name that both Maks and I loved and kind of embodied what he means to us."
The 30-year-old Dancing With the Stars pro also said that they were looking for an easy, short name "because 'Chmerkovskiy' is kind of a mouthful" as it is.
The cute couple finally settled on Shai, which is pronounced "shy" and means "gift" in Hebrew.
"It’s a perfect fit because from the very beginning, we felt like this little life we made was the most precious gift God could grant us," she added.
As for Shai's middle name, the couple named him after Chmerkovskiy's father, Aleksandr, only they changed and modernized the spelling a bit "to honor Shai's heritage [and] make it unique to him."
"It was a really special moment for Maks to have his dad be a part of something we created," she continued.
The professional dancers, who got engaged in December 2015, welcomed Shai on Jan. 4. In a statement they released to ET, the happy new parents said, "This is, without a doubt, the best thing that has ever happened to us!" Check out the video below to hear about their adorable new baby boy.