My youngest brother was diagnosed with schizophrenia about 4 years ago (though it took over a year of him having symptoms before getting a diagnosis). It's been incredibly difficult -- he's had a couple runs through the hospital and it was terrifying to see him there, and to see the confusion in his face as to why he was there. Through the wonderful care of my Mother, he's been stable for the last two years and has insight into his illness, which means he takes his meds and generally is open about talking about when he's symptomatic. It's a constant battle, though, and it's hard to face the fact that he'll never get better.
My wife and I attended a 12-week NAMI course (taught by my Mom, actually) and it was incredibly beneficial. The course is designed for anyone coping with a family member with a mental illness. Check out http://www.nami.org/ for resources and to see if there is a course in your area.