My wife and I share an iTunes account, if I create her own account can she still access all the music and apps we have purchased together over the years?

My wife and I have been sharing an iTunes accound and library on our own iPods then iPhones for years without much trouble. Now, Mai ly because of the cloud and a new desktop, I think it's time to create her own account but I don't want to have to repurchase all her music and apps. Is this poosible?
Thanks!

Yes, with the credentials of the account that the media/content was purchased with.
Content is permanently tied to the account it is purchased with and cannot be merged, moved, or transferred to another account.

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