ITunes account with 2 separate libraries...Can we split the account so neither of us loose our music?

Currently have an iTunes account with 2 separate libraries and would like to split them into two separate accounts.  I'd like my niece to have her own account at this point.  Can we split the account so that neither of us loose our current music and videos? 

You can't split the accounts. Purchased items stay authorized with the account it was purchased on. Really, the only thing you can do is keep your libraries separate and use them that way, or create an account for her, put your purchases in her account and authorize her device(s) to use your apple ID. I've done that with my library; my boyfriend and I share the same library with two different accounts and each of our devices are authorized to play one anothers purchases.
Sorry there's no better way I can think of. I'd like to split our libraries.... I wish Apple would create a feature keeping in mind that people buy new PCs and that family members move and get old enough for their own account, etc. :/

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