A lot of people justify workaholism by saying that they need to support their families. But when a parent is absent due to the choice to be at work (in a situation where it is truly a choice and not a financial necessity), the spouse and children start to feel neglected and even rejected. Families need all their members to be involved in the work and play of being a family.
Many people are forced to work many hours to maintain a living wage and eventually become addicted to the working process, leaving absolutely no time for a social or personal life. This can become truly toxic if this person has a family that they emotionally neglect in favor of work.
I think that the families of workaholics do suffer. It is only logical that when somebody is a workaholic, they most likely will not be spending that much time with their kids and families. I also think that workaholics have a lower quality of life because working can also be a negative addiction.
Overall when someone spends too much time at their job and neglects their family I do believe that the family suffers for it, while the extra money may be beneficial I do believe that relationships in the family become strained and a distance develops between them, overall I believe people should find the proper balance of work and family.