I am 44 and did a 2 yr RN diploma program. I graduated May 2010. I just landed a my first job as a Psych nurse. My kids are now 12, 11, 6 and 4. What I did was I worked on my prerequisites for the nursing program at my own pace. I took my time. You could start doing that now by taking online classes. I think a lot of nursing programs want sciences to be within 5 yrs so you have to plan. Don't take them too soon if you won't be ready to enter a nursing program within that time frame. Also look into CLEP for testing out of courses if your nursing program allows that. It can save a lot of money.
I think what is key is having a great support system in place. My husband has his full time job but he was able to manage the kids so I could manage school. We worked as a good team. Well he mainly did everything and I helped. He got all the kids off to school and our youngest to daycare. He would food shop, cook, clean, boy scout leader, driver to kids different sports, kids doctor's/dentist appts., baths, bedtime stories and help with homework. He set up all of our schedules including each kids schedule and my school/work schedule in a Google calendar. The Google calendar kept us organized. We would get reminders sent to our phones to tell us where we had to go next.
The first year of nursing school was a little easier because I had one clinical a week and class time instead of two clinical days per week. I was able to still do everything like clean the house, laundry, occasional cooking, childcare and help with homework. The second year, forget it. I had two clinical days per week plus two classroom days and worked part time every other weekend. If I didn't have him I would not of made it through.
Good Luck and do what feels right for you.