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Based on a case study emerging from clinical treatment of postpartum parental depression, this article highlights the issues of the “baby effect” on the intrapsychicity of the mother and father but also on active intersubjectivity within the couple. The birth of the real child and the “rebirth” of the child in itself for the father and the mother expose the couple to the emergence of each other’s histories as infants and babies, with the risk of the reactivation of traumatic or neurotic events. In the dynamics of the couple, an intersubjectivity is then observed which is organised on the basis of movements of entanglement or bringing into conflict, or even of disentanglement, of the respective subjectivities, rather like the rhythmicity of the primary intersubjectivity, for the “better or worse” of their parenthood or/and conjugality.