A million children a year see their parents divorce, the impact of which is calamitous. A new report by the Heritage Foundation ''demonstrates that the devastating physical, emotional and financial effects on these children will last well into adulthood and affect future generations.'' Only 42 percent of teens aged 14-18 live in a ''first family,'' an intact, two-parent married family.

Children of divorce experience ''anger, fear, sadness, worry, rejection, conflicting loyalties, lowered self-confidence, heightened anxiety, loneliness, more depressed moods, more suicidal thoughts,'' says the Heritage report, ''The Effects of Divorce on America'' by Patrick Fagan and Robert Rector. Compared to kids in intact homes children of divorce face startling risks. They are:

• 12 times more liable to be incarcerated as juveniles
• 14 times more prone to be physically abused by a single mother, and 33 times more at risk if she cohabits;
• Three times more apt to get pregnant, and males commit suicide at a six-fold higher rate
• Twice as vulnerable to drop out of school
• Four times more likely to be in poverty. In divorce, household income in 1993 plunged from $43,600 to $25,300, a 42 percent drop.