I would say there is more to it than that. You probably need to find out if these are ISO (sometimes referred to as Statutory or Qualified Option) and NSO (Non Qualified Stock Options. There are a number of different strategies that you can use to maximise the value of a transactions. You can exercise and Hold, exercise and sell along with different combination of the 2.
With 2 working people and your wife moving up the corporate ladder I would pay attention to the ramifications of potentially being hit with AMT (alternative minimum tax)if you generate gains off the options. I would also evaluate the potential of the company and how much exposure you have to this sector.
WIth your wife moving up the best deal might be to find professional assistance. It is typically money well spent.
