Multiple device sharing one account

My wife, kids and I all share one Apple ID (case in point, I’m writing this under her name) and it has gotten a bit unwieldy. The reason we’ve never gone to seperate ids is that we bought so many apps and stuff under her ID that we didn’t want to start again.

my understanding is that using the Family Sharing we can still keep all the apps and data, but not the same account.

Is this true? If I sign out on my phone and create my own id, will I lose anything (photos, notes, apps etc) that is already on my phone? How do I best go about it?