Not for children perhaps, but there is in the Rite of Christian Initiation of Adults. I don't have a copy to hand, and am not sure about text, but Catechumens are dismissed after the homily, along with their catechists, for instruction. The tradition, newly restored now that not everyone is baptised, is very ancient, normal in St Ambrose's time, when, as now, many people were pagans.There is no text, no rubric, and no tradition for doing this.
Just as with the Ceremony of Bishops, there are rubrics not placed in the Missal.... Sometimes, moreover, if the place itself and the nature of the community permit, it will be appropriate to celebrate the liturgy of the word, including a homily, with the children in a separate, but not too distant, room. ...
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