There are probably as many ways to handle holidays as there are divorced families. Ultimately the schedule that works for you will depend largely upon you and your child's other parent, and the type of co-parenting relationship that you have.
Some families handle holidays by alternating each holiday. It is quite common to allot one parent "even-year" holidays and the other "odd-year" holidays. Alternating holidays means that you must deal with your disappointment about not spending every holiday with your children, and must work with your extended family and friends to make plans for yourself on those holidays when you do not have your kids.
While some families alternate holidays, others choose to split time with the children on each holiday. In this option, both parents get to spend some time with their children on the actual holiday day. This option can work well when both parents’ families live in close proximity. For example, the kids may get to spend Thanksgiving at the maternal grandparents’ home in the early afternoon, and then have Thanksgiving dinner with their father’s family later in the day. This option is not ideal for families who must travel to visit relatives for the holidays as it is not conducive to extensive travel time.
Despite being divorced, some families actually choose to spend the holiday together with their children. For some parents, this can work. However, if there is even the slightest chance of negativity, hurt feelings, or "bad vibes" arising from such a holiday interaction, this may not be the right type of parenting arrangement for you.