The form-hugging black and dark navy ensemble featured a plunging v-neckline that met a cut out exposing her torso, emphasized at the center by a tiny gold charm.

The bodice featured long sleeves with high shoulders and below was a high-waisted pencil skirt. Lively accessorized with sparkling drop earrings, a diamond print Chanel clutch purse, a number of rings on her fingers, and a pair of Christian Louboutin stilettos covered with black and silver crystals. Her makeup was very natural with a light pink lip.

Lively was just named a co-chair of this year's Met Gala along with her husband Ryan Reynolds, and celebrities Regina King and Lin-Manuel Miranda. Designer Tom Ford, Instagram's Adam Mosseri, and Anna Wintour will be returning as honorary co-chairs. This year's event for the Costume Institute's exhibition will be based on American fashion and called In America: An Anthology of Fashion. It will be a continuation of last year's event, In America: A Lexicon of Fashion.

Reynolds recently took a break from acting to spend more time with his family, including the couple's daughters. On March 7, he made an appearance on Today, joking that things aren't going so well at home.

“It's been hell, I'm going right back. I'm taking the first movie I can find,” quipped Reynolds. “No, it's been great. I'm still busy but I get to be there for my kids in the morning and at night I get to put everyone to bed, so I love that...I'm no less busy, I'm just home more.”