Same here. 37 yrs old w/ 2 kids (3 & 2 yr olds!). Full-time job that I like but don't love. Lots of ideas that need room to breathe in their own skin. I'm preparing to create an LLC to do just that.
I don't know where it will lead in the future (maybe nowhere), but I'm prepared to deal with that. The harder thing to deal with is simply sitting on the sidelines doing nothing while life passes me by.
My hours are from 4:30am to 7:15am, 30 minutes at lunch and 30 minutes making the next day's todo list before bed.
Even though the time I can commit is short I'm much more productive now than I was at 28 working crazy hours.