Do you use the same AppleID or all have completely separate ones? Isn’t there an Apple ID family sharing option?

My wife and I share the same AppleID starting years ago. The reason for that is fairly simple to share apps and photos in one huge account. I continued that with kids as they eventually got a phone. Now that they are leaving the nest, I’m considering separating it out or using a family shared plan. I’m just curious the best option.

Currently we are using the same Apple ID with zero problems.