(1) If the owner of a homestead dies leaving a surviving spouse, but no children, and the surviving spouse has no separate homestead in his or her own right, the homestead shall be exempt, and the rents and profits thereof shall vest in the surviving spouse during his or her natural life.
(2) However, if the owner leaves one (1) or more children, the child or children shall share with the surviving spouse and be entitled to one-half (½) the rents and profits till each of them arrives at twenty-one (21) years of age, each child's right to cease at twenty-one (21) years of age, and the shares to go to the younger children and then all to go to the surviving spouse. The surviving spouse or children may reside on the homestead or not.
(3) In case of the death of the surviving spouse, all of the homestead shall be vested in the minor children of the original homestead owner.
(4) Any rights and benefits given by this section shall not vest until the parties have been continuously married to each other for a period in excess of one (1) year.