How tough is it to balance work, grad school and family?

I'm planning to being a master's degree this fall in communications, and I was wondering if it's advantageous to work full-time (or even part-time) while I'm in grad school or to concentrate more on grad school and just go to grad school full time instead. I'm married and have a newborn child as well, so I would need to balance family too. What is the workload like?