You are putting waaaaay too much emphasis on MBA programs. You seem consumed by the prospect of getting into an elite b-school.
A desire to get sufficient education to pursue a rewarding career is laudable. People with the most useful skills will do far better than those who fritter away all their time on a PS3.
That said, balance between work and family is important, and getting harder for professionals whose employers expect very long hours for the hefty paychecks. Someone wise once observed that when a person approaches the end of their life, they rarely lament that they should have spent more time at work.
I agree with your comments about family-work balance. You are absolutely right.