I feel obligated to say that it has been VERY hard for us!!
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DS2 was born when DS1 was 35 months. We night-weaned during pregnancy all but one feeding (5 am or so). We tried moving DS1 into his own room, but it was a no go (not because we wanted him out, but because I feared what you fear -- them waking each other up). I figured we'd work it out. I looked for support on this forum and one person told me her success story, nursing both at the same time.
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Well, it was a nightmare in the beginning. We tried having everyone in the same bed, and yes, they woke each other up. Baby woke up DS1. If I was not sleeping beside him (changing baby diaper or soothing baby outside the room to minimize crying), DS1 would wake up. When he woke up, he screamed, followed me around, cried, etc. You just can't be in two places at once. Then, when he woke at 5 am, he often woke up DS2, especially when I decided I couldn't take the 5 am nursing session with DS1 anymore since I often needed to attend to diaper changes/etc. at that same exact time. Tandem nursing simultaneously in the bed did not work for us, and I had huge aversion to toddler nursing and ended up completely weaning DS1 when DS1 was 3 and DS2 3 months.
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So, we ended up with DS2 sleeping in a pack n play bassinette in another room, and me cosleeping with DS1. Sometimes I leave to sleep in another bed with DS2, but DS1 will often wake up and come looking for me, often screaming, waking DS1 up.
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So, I just want to say, yes, it can be really hard with a light sleeper. I would say, night wean if you can during pregnancy and hope that the nightwakings stop/lessen. Try to get DH to help as much as he possibly can, even if he can't always do it. There are so many nights where I still have to deal with both crying at the same time. It's still really hard. I look forward to the day where we can all be in the bed together, but so far that day has not come. DS2 is now 4 months. I remember another MDC post who said she was in the same situation as me a year earlier, and it took a good 6 months for things to settle down, and that it was also very hard.
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So, you are right to worry! Do everything you can to improve your situation before baby comes, because it will be all that much harder when he/she is here!
Good luck.