I have completed my CPL, and I am 40. (Profile typo). I have heard of pilots over 40 getting jobs with Ryanair, if that is your goal. Personally I would not mind working for them, once you get going I don't think is that bad.
There will be mixed messages on this, but you are defo not to old now, or in 6 months. TP seems to have maybe more chances, just cross our fingers and hope for the best.
Retirement age is 65, so there is still few years left to get some flying done. At the moment there are no jobs anyway, so not really a major rush. But get going with the ATPL's and class 1 medical - and take it from there. CPL you do in one month, the ATPL's is a different story.
Had a newborn baby when I started - after a while your wife will maybe not appreciate so much the studies - because they really become time consuming. Did them in 6 months, full time - distance learning can be hard for some, but things you should get out of the way as soon as possible. Then you can see if it is still for you.
Also instructing is an option for the future, not now at the moment, but when the airlines start hiring that will probably be the first step in the right direction to get enough experience.