Congrats on the new addition! I have a boxer pup, 6 1/2 months old, so I feel qualified (as a layman that is, I'm no expert)to answer this. Training is key. I got to Narnia in Plainfield http://www.narniapets.com/. However you can ask your vet to recommend a place. We use positive training methods and my pup is very sweet I thing largely in part because of the methods of training and my behavoir towards her.
Bones, ahh bones. My dear Opal can go through a bone pretty quick. I've found the big beef bones (real bones) hold up a long time. Nylabones last a while too. I've never given her rawhides as I've heard to many danger stories of choking. I also giver her nutradents, and healthy edibles but she can consume those in 45 minutes so that's not an everyday bone. Bones are great to keep dogs busy and give them an appropriate thing to chew as opposed to toys, shoes, furniture, etc.
Toys, get lots of toys. Opal prefers rubber toys to chew. I have a few soft toys w/ squeakers but make sure they're not to big for the dogs mouth. But you'll have to experiment. Rope toys are cool too, but she doesn't really dig those too much.
Kong is king! Get a kong and you can fill it with treats, peanut butter, cheese, etc. It's mental exercise for them to retrieve the treat.
A bored dog quickly becomes a bad dog. Give her lots to do, lots of toys, and lots of time and love and she'll be a good doggie.
Opal spends time in her crate (which is huge) when I cannot watch her. I give her things to do in her crate, like the the kong or bones. She's still at the adolescent stage (which you Lab is most likely in too. This stage ends at about 18-24 months depending on the breed) which means even with 17 toys laying about, if I'm not immediately present, she'll counter surf, chew on in appropriate things, and generally be a nuisance. If I'm in the kitchen or family room, I let her out and she just hangs out with us. As she's maturing, she's out longer and longer each day. She's actually displaying signs of maturity such as choosing a bone over say, the mail or the kids toys. But don't feel guilty about using a crate. As long as you use it positively, it's safer for the dog, and your belongings. Whe he/she gets older and more mature, she'll eventually not be in it at all.
Always supervise the kids and the dog until you get comfortable with how they behave together. I have a 4yo girl and a 3 yo boy so I have a lot of challenges of misbehaviour. But my DD is actaully learning to train her and doing a good job. This is our first dog, so our kids are still learning not to jump on her, bother her while eating, etc. Your kids have experience so this probably isn't as big a deal for you.
Take lots of walks, and have fun!
Hope all this info helps!