@ Rajeev Sampat
Please provide additional details if you want quality response from the experts. Quoting law/act is not the solution to solving family matters, especially matters of minor children.
1. Age of children
2. Duration of marriage
3. Is the ex-wife an otherwise a good mother and parent( truth please - not all women have UMTDNA - Utpala Mitochondrial DNA )
4. Is the mother working
5. Does she have support at home or living like a metro wife in a city where child upbringing is with aayah and day care.
6. Are you working and have steady income
7. Are you paying alimony
8. Are you married and have children with your new wife.
9. Does she involve the children to the doctor, social activities, religious activities, sports etc.
With the above for you to respond, here are my two cents on the topic of child custody with whatever little you have shared on this post.
1. If both parents are capable parents/fit parents and have open communication with each other , ie able to live like friends after divorce, then a joint custody is the best answer. The child grows up in two homes- weekend on and weekend off in mother and fathers home. For this, both parents need to be in the same city/location.
2. If both parents are not in the same city or if the divorce is a high conflict divorce, then it is best to work out CP and NCP arrangement. CP- custodial party. NCP- Non Custodial party who visits the children.
3. Try to develop a parenting plan and get an agreement on various aspects of co-parenting. I can send you a draft of my parenting plan.