@playstate09,
ok playstate, im pretty sure that there is some nice, good way to work through this.
first, you REALLY need to tell your wife what is going on. if she really loves you, then she will understand, and will love you for being honest.
second, you need to explain to your ex how you feel about this affair, and how you feel about her becoming a "homewrecker"
next, you need to make a list of the pros and cons that come with both of them to see which one you're better off with.
then, try not to get your child entirely caught up with this, im a child with divorced parents, and if you fight your battle in front of them, then it will be worse off, just like it was with me.
finally, when you go through with your decision, i want you to stay in close contact with the person you decided to let go of, but do this one thing, distance yourself. you want them to know that you care for them, but that the person you chose over them is who you wanna stick with
i hope my advice was of some assistance, otherwise you need some real help from a trained professional. your welcome