We present high-spatial resolution HST and adaptive optics observations, and high-sensitivity ISO (ISOCAM & ISOPHOT) observations of a sample of X-ray selected weak-line (WTTS) and post (PTTS) T Tauri stars located in the nearby Chamaeleon T and Scorpius-Centaurus OB associations. HST/NICMOS and adaptive optics observations aimed at identifying substellar companions at separations >=30 A.U. from the primary stars. No such objects were found within 300 A.U. of any of the target stars, and a number of faint objects at larger separations can very likely be attributed to a population of background stars. ISOCAM observations of 5 to 15 Myr old WTTS and PTTS in ScoCen reveal infrared excesses which are clearly above photospheric levels, and which have a spectral index intermediate between that of younger (1 to 5 Myr) T Tauri stars in Cha and that of pure stellar photospheres. The difference in the spectral index of the older PTTS in ScoCen compared to the younger classical and WTTS in Cha can be attributed to a deficiency of smaller size (0.1 to 1mu) dust grains relative to larger size (~5mu) dust grains in the disks of the PTTS. The lack of small dust grains is either due to the environment (effect of nearby O stars and supernova explosions) or due to disk evolution. If the latter is the case, it would hint that circumstellar disks start to get dust depleted at an age between 5 to 15 Myr. Dust depletion is very likely related to the build-up of larger particles (ultimately rocks and planetesimals) and thus an indicator for the onset of the period of planet formation.
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