There's a good chance they already had you pegged in the "Invited, but not likely to accept" category when they sent out the invitation. I know when we planned our wedding, we invited folks that we would have been happy to see, but didn't really expect to come for various reasons (health, age, cost, family duties etc.). Beyond that, I don't think you need to provide any reason for the decline...as others recommended, send a present.
If you really feel bad about missing out on the wedding, could you consider going solo to save on cost? Say the kids and husband are booked, but head out yourself?