The couple, who is based out of chilly New York City, spent Saturday and Sunday in the water with their children, swimming, stand-up paddle boarding, and snorkeling.
Watts currently stars in "The Impossible," a drama set during the 2004 Thailand tsunami, detailing one family's incredible fight for survival.
Schreiber stars in the upcoming Showtime series "Ray Donovan" about a professional "fixer" for the rich and famous in Los Angeles.
The couple are both starring in spoof comedy "Movie 43," which hits theaters in January.
See more photos of Naomi and her family...