my bf his wife and me

Its like I am in love with a guy who was unfortunately married to an extremely callous lady....and so they are partying ways. Problem is that I have two years of education to go ad my parents are not willing for the marriage which is understandable. And the other side my bf's wife is a completely insane woman... she knew her husband has an affair for more than a year yet she made no issue and nor did she try to make the marriage work...now whn the question of divorce has arises...which arose from her side...she is wanting to dvorce...dont know when...but she keeps creating troubles between me and my bf. Its not that she loves him or wants to stay in the marriage, she is slightly jealous beause i am young and keeps talking to me about her looks...which kinda surprises me because here her marriage is hitting rock bottom and all she cares about is her looks. But these days she is acting funny and is saying she will ruin our lives, what should my bf do...shouldhe become discreet or should he let her know that he has an affair with me...recently she is saying that she doesnt care a **** as long as he doesn show her. So whats the right way to handle?