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You need to talk to your wife. If the promo means a lot financially to your household then maybe it's worth talking about. Maybe you take it, wait 6 months and then relocate with a different company/better position. Or if you don't take it then you will want to be sure there's no resentment from you.
That said, for me, my wife, family & friends are far more important than any promotion. Time is short, and you'll never have enough to enjoy their company. Too many of us sacrifice time now with the hope to be able to buy the freedom to enjoy the things we like later in life. But that's not guaranteed.
1 work remotely
2 use your new promotion to leverage an even better new job where your wife is
Just go to her dude, it’s a no brainer
Watch 5 Year Engagement- it’s about exactly this
This conversation should be with your wife. There is no right or wrong answer, just what works for you guys. Good luck!!
How big is the promotion
https://youtu.be/0tbjFm1jDZI
If the promotion is really good for your future together, and you can see yourself being successful in the role, it is worth bringing up remote work with your company. If it will be workable to come back one week a quarter or some such. Alternatively, if your wife doesn’t have too long left to complete her program maybe it makes more sense for her to come back to you afterward (big discussion for both of you). If either of those isn’t going to work out, I would take confidence in the promotion offer; it seems like a good chance you can find a comparable job in that other state.