My parents divorced when i was eight. My mother later said that in hindsight she could see that I was depressed for some time afterwards, no energy, didn't want to play with my friends etc (dom't know if tecnically i was depressed or just sad)
In the long term I would say that the divorce did affect me negatively. The having two homes wasn't great. I think what affected me the most was that I felt this huge responsibility for my parents not being angry at each other. I would all the time try to deflect, and take on responsibility, and be the diplomat. At 19 I did manage to tell myself that it was not my responsibility to keep my parents happy, and I distanced myself a bit from that diplomat role. But even now, in my thirties, I still find myself slipping back, when it comes to things like christmas.
I am also very scared of people being angry at me, or other people being angry at eachother. I haven't had much success at relationships, no kids myself.
However, there's no way of knowing how i would have turned out if my parents had stayed married. And i definitely agree that a bad marriage can affect the children very badly.
I think few children come of of a divorce unaffected, but hey, who really come out of childhood unaffected by our families.
A friend of mine is just as afraid of people being angry as I am. Her parents are still married and have never fought in front of the children. So neither of us have any experience of parents fighting and making up again.