My wife and I share Itunes acct we each have our own iphone and wish to have seperate acct.s how do we set it up

We share Itunes acct. We wish to have single acct.s for each iphone plz help

There is no way to split or merge Apple ID's.
That being said, it is possible to have content from multiple ID's on a single device.
Always use seperate ID's for iMessage unless you want to get each others iMessages.
You can use the same Apple ID for iCloud which will allow for downloading automatically the content wirelessly on the device.  This may be annoying though if you turn on automatic syncing of apps.
The best solution is to use a shared library in iTunes and sync the content you desire from the computer.  Then use a single but seperate Apple ID on each device.
How to use multiple devices with a single computer

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