You can convert the time using the following code.
TimeSpan _time = TimeSpan.Parse("07:35");
But if you want to get the current time of the day you can use the following code:
TimeSpan _CurrentTime = DateTime.Now.TimeOfDay;
The result will be:
03:54:35.7763461
With a object cantain the Hours, Minutes, Seconds, Ticks and etc.