My daughter and I have been sharing one iCloud account for our iPhone. She has her own Apple ID to purchase music. I need her to have her own iCloud account as mine is running out of storage. She is afraid if I delete her phone from my iCloud in my settings she will lose all of her contacts etc. Then is there a way to move items from one iCloud account to a newly created one?
First to be sure to backup the important contacts, ask your daughter to backup contacts using a Google Account.
Steps are mentioned here
After backing up the contacts just make another iCloud account and use it on one of the phones.