I have been thinking, that our communication right now is a bit much. This seems vague. What do you mean by "a bit much"? too frequent? too long? too detailed? I think you can combine this sentence and the following one to cut the text in half.
I feel very overwhelmed and that our communication does not match our situation as Separated spouses. You say "overwhelmed", but I think this could be interpreted as you dont know what you are doing so much parenting wise. It makes you sound out of control. I think you may want to consider another word.
I just feel like I need space at this time, and I'd like our communication level to reflect that. I will let you know if there is any issue with S of course, but barring that just assume that he is in good hands with Daddy. I dont love the "just assume" part. Cant you just say that he IS in good hands with you?