Prior to the little one's birth, the 62-year-old actor taped Rob Lowe's Literally! Podcast where he talked about the possibility of running for political office.
"I always thought about doing that," he said of giving up better paying careers for public service. "My wife said she would divorce me if I ran for office."
Though he won't be running for office, the Saturday Night Live star, who has famously portrayed President Donald Trump, said he would probably want to run for governor of New York if given the chance.
"I only say that because to go to Washington and to commute to Washington as a member of Congress, which I would never do that, or as a Senator, that's onerous for me now with my kids. My whole life now is about the jobs I take, jobs I don't take. There's things I do to make a living now that I never dreamed [I'd do]."
Despite these sacrifices, Alec said he's so happy to be raising children with Hilaria.
"I hit the jackpot as far as that's concerned because I wound up having a lot of kids with a woman who's a great mom," he said.
Though he loves watching his 36-year-old wife as a mother, Alec admitted that they don't come from the same parenting philosophy.
"But we do not always agree. My wife prevails, if you will, but we do not always agree because I'm still much older than my wife," he said of their 26-year age gap. "My goal wasn't to marry a much younger woman. I met a woman I fell in love with and she was a unique person... I come from a time, my dad was a very tough guy, and he would just look at you with that look... We were terrified of my dad. He was a really tough guy. With me, my wife lectures me more than my children. My wife is like, 'Don't look at them like that, Alec! That look is not good.'"