My wife and I each have iPads ipods and iPhones on one Apple account . Should we create a new account? What happens to our iTunes ,apps and iCloud? Can we share them? Will we lose any info?

MY wife and I share and Apple ID . We both have iPads, iPods, and iphones
all our purchases in iTunes , apps and iCloud are on this . If we create a new ID for one of us do we lose any of the data and purchased material or do we still share?

I would suggest that one of you retain the existing AppleID and use it for the iTunes Store, iCloud, and Messages on their iOS device and/or Mac accounts.
Then, the other one of you can create a new AppleID.
You then have two choices for how to share your existing store purchases:
1) You can try the new "Family Sharing" feature: http://www.apple.com/ios/whats-new/family-sharing/
2) Or you can simply continue to use the original AppleID as your "iTunes Store" login on all of your devices (yours and your wife's), yet use a different AppleID to login to iCloud and Messages.
Family Sharing is supposed to be the solution to the problem and does indeed have some interesting shared features.  However, just using the same iTunes Store login has worked reliable for years.
The important this to realize is that in iOS and Mac OS, the logins for the Apple Store, Messages, and iCloud are all completely separate and can be independently configured.  So, you can each use your own AppleID for login to each of those services.  Just make sure to both login to the iTunes Store service using the same original AppleID.

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