Share one iCloud Photo Library between two Apple IDs?

My wife and I each currently have our own Apple ID. Under my Apple ID, I purchased enough storage to turn on iCloud Photo Library on our only Apple Photos library which resides on a MacBook. This library is where we store all our family photos etc. After a couple of days, all 55GB of the Photos library transferred to iCloud... so that part is good to go.

Next step, I turned on iCloud Photo Library on my iPhone and everything looks like it should and I can now see all of the content from our Photos library in addition to the content on my phone.

Now, I'd like my wife to be able access our Photos library from her phone just like I can while at this same time sharing the iCloud storage so she can turn on iCloud Photo Library.

Is this possible or do I have to manually share each and every album in Apple Photos and invite her? How about sharing the storage?

Thanks