Congratulations on your new arrival! I know you're exhausted and as far as clothes go you're likely only concerned that you might have poop or spit up on your sweatpants but we get a lot of questions about what to wear for the best photographs of you and your newborn.
For your new baby I recommend a loose diaper and very loose, neutral coloured clothing (or no clothes at all!). We want your little one to be as comfortable and free of red marks from elastic waistbands as possible. If you have props such as a cute hat, service medals, sports paraphenalia or family heirlooms that you would like pictures with make sure you have them in a handy spot so you don't have to dig around in the back of the closet during your session. We don't do a whole lot of posing your newborn because we want to capture more of their little fingers and toes and your growing connection with them than unnaturally positioning them while they try to sleep (growing that fast is tiring work!) so we don't bring very many props with us.
In keeping with the relaxed and natural feel I suggest neutral coloured clothes for mom and dad as well. Pastels, beige, white and light browns are all nice with newborn skin tones. You should be comfortable in the clothes you are wearing. Because newborn photography is at its best in the first fourteen days, you likely won't be looking like a supermodel mom. That's okay - good even! (If you do can you tell me your secret?!) Go light on the makeup and let that blissful new mom glow shine through the tiredness.