Items purchased with one account remain permanently linked to that account and cannot be transferred to another account. You will have to use purchases from two accounts which may be troublesome in some situations. Make sure you maintain backups on local drives so you minimize the need to re-download purchases.
Family Sharing may be helpful.
Family Sharing - http://support.apple.com/kb/HT201060 - "Family Sharing makes it easy for up to six people in your family to share each other’s iTunes, iBooks, and App Store purchases without sharing accounts. Pay for family purchases with the same credit card and approve kids’ spending right from a parent’s device. And share photos, a family calendar, and more to help keep everyone connected."
Sharing purchased content with Family Sharing - http://support.apple.com/en-us/HT201085 - "With Family Sharing, family members get immediate access to each others’ music, movies, TV shows, books, and apps, and can download them to their own devices any time they like.*" "* Not all content and content types are available in all countries. All family members must use the same iTunes Store country or region. Music, movies, TV shows, and books can be downloaded on up to 10 devices per account, five of which can be computers. Apps can be downloaded to any devices the family member owns or controls.