Two studies examined the process and aftermath of coming to disbelieve in the myth of Santa Claus. In Study 1, 48 children ages 6-15 answered questions about how they discovered Santa was not real and how the discovery made them feel, and 44 of their parents shared their perspectives and how they promoted Santa. In Study 2, 383 adults reflected on their experiences shifting to disbelief in Santa Claus. In both studies, the average age of disbelief was around 8, but with significant variability. Most participants reported testimony from others contributed to their disbelief, and some reported skepticism as a result of either experience (e.g., observation) or logical reasoning. About a third of children and half of adults reported some negative emotions upon discovering the truth. Higher levels of parental Santa promotion were associated with experiencing some negative emotions upon discovering the truth in both studies. Additionally, adults who reported feeling only negative emotions tended to be older when they discovered the truth, more likely to have reported learning the truth abruptly, and more likely to have reported learning the truth through testimony. That said, experiences of negative emotions were generally short-lived, and the vast majority of both children and adults reported they would celebrate Santa with their own children or were already doing so. Implications of these findings for how to approach children's transition to skepticism regarding Santa are discussed, including timing, the role of parents, and popular notions of discovery for children's trust toward their parents.