Any bike is good for spending quality time with the kids.
My advice is to ride this bike for a while until you become comfortable with it. Then, when conditions permit visit some local bike ships and test ride a variety of bikes in different styles, new and used (if they have 'em). Hybrid, road, cruiser, mountain bike...etc. It should become apparent what "speaks" to you.
And like
non-fixie said, it doesn't have to be expensive.
Enjoy your time with the kids and welcome to bikeforums.