To the OP: There is already a lot of advice on the pack structure, and I pretty much agree with what was already said on that. One thing that hasn't been said yet (I don't think) is the issue of children in your home.
Training a dog is a huge job, and it takes a lot of work. I think you are on the right track, and I absolutely think that you can do this. One thing that concerned me was the mention of young children in the home. While you are learning how to establish a good pack in your home, and dealing with training both dogs, there should be little to no interactions with your children. Until there is a clear set of boundaries for BOTH dogs, they should not be allowed "loose" when the children are in the room. This can be very difficult to do, but not impossible. And it doesn't have to be forever either. For example: (this is a sample scenario)
In the morning you wake up, children still asleep. Take the dogs out one at a time, on leash for exercise/potty (at least until you make progress with them being together)
feed dogs in crates, go have coffee, whatever.
get kids ready for school, daycare, whatnot, take care of whatever you need to get ready for the day.
take dogs out again for potty, remove bowls from crates
put dogs in crates, go to work, etc (even if you dont' work, it would be a good time for them to be crated while you do errands, etc)
come home, take a few moments for yourself (10-15 min) take dogs outside for potty. Maybe have one dog out in yard, one in crate then switch.
kids come home from school, daycare (or wake up from nap if they are home), dogs are IN CRATES
Take dogs for exercise - in yard or walk separately.
make dinner, dogs in crates or one outside, one in crate, etc.
dinner - both dogs in crates.
after kids are in bed, perhaps work on both dogs out together, highly supervised, both on leashes. best done if two adults are present, and only after reading/learning/ watching videos etc suggested above.
put dogs in crates (BOTH) and go to bed.

It can be tough, but like everything, it can become habit very easily. Until you get better control in your home, the dogs (BOTH) should be kept separate from children, visitors, etc. It is way too easy for things to get out of control when routine is different, and for now the goal is to keep the home environment routine and predictable.
One other thing about the kids - if the dogs are not allowed access to them, there is no need to worry about a dog getting out of hand when they are being scolded. Also, the dogs should NOT be allowed in the kids room EVER. They are your children, not the dogs', and making that boundary clear will help with preventing a dog bite situation. There are some awesome videos here about children and dogs, as well as dealing with aggressive dogs that are worth investing into. If you get into another situation where your older dog tries to correct the younger dog, that video will show you how to deal with that as well.
Sorry this is so long, I hope it helps.

I totally endorse Cameron's outline. I spend the day rotating a female Lab who hates puppies, a 11 month old maniac male Dutchie, a 14 week old female hack saw Dutchie and a 6 year old son.

I have crates in various locations including house, patio and garage. For assorted reasons they all need to be separated from each other while I work through puppyhood with 2 young dogs plus a young child.

It can be done,yes! A pain in the a**, yes!

I keep telling myself it won't last forever.

I was just rereading my post above. Just so there is no misunderstanding I don't crate the 6 year old boy. All dogs get plenty of one on one yard and house time.

No 2 are in the same location together.