Children have the right to know the truth
Children are sometimes very naive. It is unlikely that this is news for you. They may simply not understand what divorce, bankruptcy or death is. At the same time, they clearly detect the emotional background in the house. They feel that something is happening, even if they do not know what exactly.
If someone in the family is seriously ill, or there are conflicts between adults( even if you are only talking in a whisper and when the children are not at home) or you are very worried about the financial situation or the situation at work, the children will inevitably guess everything. No, of course, the details will not be clear to them until you tell them about them, but they will catch the essence.
Therefore, it is not necessary to hide anything from them. Otherwise, they will invent their own explanations, which are often more terrible than reality. A teenager can easily find frequent disputes between parents and a tense atmosphere in the house as evidence of an imminent divorce, while you just argue about money, completely not going to part because of it. Having guessed or heard from the edge of the ear that someone is sick, he can decide that it's you, although in fact it will be a question of a grandmother or grandfather. Bad, of course, but, from the point of view of the child, it is much better than if one of the parents was on his deathbed.
Understand, if you hide from the child what is happening, everything will only get worse. It's impossible to hide from him that things are not going well in the family, so you do not have to try to do it - it's pointless and even harmful. Of course, it is not necessary to dedicate children to all the details, if this seems unreasonable to you, but at least the overall picture they should learn from you, and not come up yourself.
IF YOU WILL HIDE FROM THE CHILD INGENING, ALL WILL BE ONLY WORSE.
When and how exactly to tell about all the children, you should decide, based on common sense, your understanding of child psychology and, of course, their age. Naturally, you can not tell a two-year-old the same as a fifteen-year-old boy. In general, I can advise you to talk as little as possible at the beginning, but then answer any questions the child may ask you. The older the children, the more they usually ask them. If the situation really causes them emotional discomfort, do not tell them more than they themselves want to know - if they do not ask you, then most likely they do not want to hear any possible answers. And if they are ready for them, they will definitely ask.
As for when you need to dedicate a child to the situation, there is only one answer: once he sees something is wrong. Do not be fooled by suggesting that they do not notice anything, simply because you do not want to get involved with this case. You must be extremely honest with yourself in the first place. Older children will still guess a lot about themselves and will try to find out from you the rest, using various methods - from caustic remarks( "Of course, I always learn about everything with the last!") To the direct demands of the answer( "Tell me honestly, something happened?) And if bad news can not be avoided - for example, one of the relatives is really incurable, it is better to give them the opportunity to somehow get used to it, and not postpone the message at the last moment.