quantum mechanics - Many-worlds: how often is the split how many are the universes? (And how do you model this mathematically.)

When I read descriptions of the many-worlds interpretation of quantum mechanics, they say things like "every possible outcome of every event defines or exists in its own history or world", but is this really accurate? This seems to imply that the universe only split at particular moments when "events" happen. This also seems to imply that the universe only splits into a finite number of "every possible outcome".

I imagine things differently. Rather than splitting into a finite number of universes at discrete times, I imagine that at every moment the universe splits into an uncountably infinite number of universes, perhaps as described by the Schrödinger equation.

Which interpretation is right? (Or otherwise, what is the right interpretation?) If I'm right, how does one describe such a vast space mathematically? Is this a Hilbert space? If so, is it a particular subset of Hilbert space?