Family Sharing two adult accounts
Hello.
My wife and I have separate Apple ID's and I was considering combining them into a Family Sharing account. We both are very independent so I am a little cautious. Is there a way to keep our payment of purchases separate on our own original accounts? Can I create a new "Family" Apple ID on a CC and then invite both my wife and myself to join so we can keep our original accounts separate? Also, what will happen with the music we each have on our respective devices that we ripped from purchased CD's (long ago)? We have no interest in Apple Music.
Any thoughts experiences would be greatly appreciated before I act.
Thanks!
(both still using iOS 12.4.1 for now....)