itunes account for kid, parents separated

Hi all, sorry if this has already been covered somewhere but I had a look around and couldn't really find anything on this topic.

Our daughter is getting an iPod touch for xmas. My wife and I have separate iTunes account, we are separated and live in different places.
Now I still want my daughter to have access to both of our iTunes music libraries. Is that possible by creating a new iTunes account for her (under the name and with the credit card details from one parent) and then activating the account on both of our computers?

Any advice is most welcome, thanks in advance