Well, I'm in the middle of doing it. My children are 15 (stepson), 8 year old son, 3 year old daughter and 18 month old. I work full time, 8-5 in a corporate job and I go to school at night and do online classes at a local community college. Right now, I'm finishing pre-reqs (I only have two left after this term, microbiology and A&PII) and then I apply for nursing school. Once I'm accepted, I have to quit my day job. Currently, my husband works as an independent contractor - so his work is either hot and heavy or colder than ice. This is obviously a bit of a fear, as when it's time for me to quit my job he needs to be our only income. I'm holding out hope that he will be full time again (he was a full time ride designer at a major amusement park for many years prior to being a consultant). He has great earning potential, if he can land a full time job.
Anyway, I'll give you the good and the bad. The good is once you're in school the terms really do go by quickly. I've been back in school for a year and it feels like I just started back yesterday. I've also found that I'm so much more devoted as an adult attending school than when I was fresh out of high school. My GPA is much higher, I have extremely high expectations for myself, etc.
The bad news is I MISS MY KIDS!!! I get very little time with them right now and I have two wee-ones. I know this is time that I'll never get back and if I think about that aspect too much I get extremely sad. I sometimes feel selfish for seeking out this dream while they are so small. But, I also know that they will also experience the many benefits once I'm finished. I also know, even at their tender ages, they are learning how important hard work is, just by my example.
If this is important to you, go for it. All the details will work themselves out. You will find a way. Things change in lives from one day to the next and I honestly believe if you are meant to do something - there will be a way. Stick your toe in the water, work at some pre-reqs and see where it takes you.