She may not be already physically cheating, but I'd bet a boat load that she's already got someone in mind.
Either way, I think breaks can work under certain circumstances for some people and a good therapist can help you figure that out for yourself.
I'm gonna be really blunt here though. You just got a good job and are still in your 30s. You won't have trouble finding women if you're in half decent shape. You're basically in your dating prime. She's got 3 kids. She'll be able to find dudes, but they'll almost certainly not be the same quality as the partners you can probably find.
In short, use the separation to have a classic early midlife crisis party and celebrate getting your masters and being single again. I know from experience you're going to go through a lot of pain first, but man, there is a huge world out there for you to be on top of.