Inside Gwen Stefani and Blake Shelton's Lives as Newlyweds: 'They Are Both Inspired in Every Way' Says Source

Gwen Stefani and Blake Shelton aren't slowing down after saying "I do."

Following their July 3 wedding at Shelton's ranch in Tishomingo, Oklahoma, the couple chose to forgo a traditional honeymoon and instead returned to their home in Los Angeles to tend to their respective careers.

"They're both very, very busy this year with work, and this was the only time they could fit in the wedding," a source close to the couple tells PEOPLE in this week's issue, on newsstands Friday.

Indeed, Stefani is working on her fifth solo album and preparing for her Las Vegas residency that returns in the fall. Meanwhile, Shelton is busy filming as a coach on season 21 of The Voice and preparing to hit the road on his Friends and Heroes tour in August.

By all accounts, the country star and the No Doubt rocker's wedding was pretty magical.

As Stefani, 51, and Shelton, 45, said "I do" in a backyard chapel on his ranch, they were cheered on by an intimate group of 40 of their close friends and family members, including Stefani's sons (with ex Gavin Rossdale), Kingston, 15, Zuma, 12, and Apollo, 7, and longtime pal Carson Daly, who officiated.

At their wedding reception, which was also held on the ranch, Stefani and Shelton giddily cut into an ornate, five-tier wedding cake adorned with white frosting and a traditional bride-and-groom cake topper.

As the festivities rolled late into the night, Shelton and Stefani danced to a playlist by DJ Lucy Wrubel that featured hits by their famous pals, including Carrie Underwood, Luke Bryan, Kelly Clarkson and Maroon 5.

"It was everything they wanted: family, friends, dancing, the beauty and familiarity of the Oklahoma surroundings and lots of love and laughter," says a music industry source. "It couldn't have been better."

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On the big day "even the weather cooperated," adds a source close to Stefani. "They talked about how they already felt married before the wedding, but when the day arrived, Gwen was still giddy and a bit nervous. It was an emotional ceremony for both of them."

After getting engaged last October, Stefani and Shelton — who met while working on The Voice together in 2014 and started dating a year later following their difficult divorces from Rossdale and country star Miranda Lambert, respectively — knew "there was really no perfect time for the ceremony in light of the COVID-19 lockdown," says the music industry source.

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But in the end, "it turned out fine," says the source. "They decided on the size of the guest list as the months went on. They were so ready to start their lives together, and both are ecstatic."

"They have found true happiness as a couple and as a family and are thrilled to be married," adds the source. "Their friends and families are over the moon for them."

Now, as Stefani and Shelton look forward to their future, "they seem extremely happy," says the Stefani source. Adds another industry insider: "They are both inspired with their lives in every way."

For all the details on Blake Shelton and Gwen Stefani's newlywed life, pick up the latest issue of PEOPLE, on newsstands everywhere Friday.