A rep for the couple told Entertainment Tonight on Monday that "the whole family is beyond excited."
Bell, 33, and Shepard, 39, welcomed daughter Lincoln Bell Shepard in March of 2013 and have since led a public campaign against paparazzi photos of celebrity children.
Shepard wrote in an essay for the Huffington Post back in April that children who have famous parents should be "off limits" to photographers.
"It would be miraculous if the situation changed and celebrities' children got to be just children. And it would be even more miraculous if that change came from the will of the people and not legislation. I think this could be a good step in our ever evolving social consciousness," he wrote.