New iPhone 5 and existing iCloud account

I recently got my wife an iPhone 5 for the holidays. We are a multiple Apple family with 2 iPads, iPods, etc... Problem is, I set up her new iPhone on my existing iCloud account with out realizing it would send all my messages and contacts to her phone. Easy solution seems to be having her set up her own iCloud, but with that, I don't think I can use Find My iPhone (with 2 separate iCloud accounts). Is this correct? I can't be the first person struggling with this. Please help! Thank you!

Use separate Apple ID for iCloud, iMessage and FaceTime. Use a common one for iTunes & App Stores.
You can use Find my iPhone by sign in with her Apple ID in www.icloud.com or in Find my iPhone app in another iDevice.

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