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Use o posit corners for them one bed each one night stand maybe a room divider there own trash cans maybe a small table
You can install a ceiling track curtain rod and run a curtain through the middle of the room to give them privacy when they want. Ikea makes them and I believe Home Depot has them too.
If you install a wall, the criteria for a legal bedroom requires each have a window and a closet.
Joan: maybe this will help!
https://www.buzzfeed.com/peggy/room-dividers
use divider to do that. Dividers look pretty and easy to maintain.
Room dividers, bookcases, curtains from ceiling to floor. If you build a permanent wall each "room" would need a separate entry and window per building codes.
Here is an idea using enclosed bunk beds that is an alternative to building a permanent solid wall.
https://nonagon.style/bed-bunk-divider-childrens-bedroom-space-saver/
One Hometalker put up a half height wall to divide the space into '2 bedrooms'.
https://www.hometalk.com/diy/bedroom/splitting-a-room-in-2-with-a-half-height-partition-wall-3299770?expand_all_questions=1
Splitting a Room in 2 With a Half Height Partition Wall!
Hang tapestries or curtains
Legally, as in when one wants to sell their house:
a Bedroom must have a Direct Means Of Egress (window of specific sizes) AND
a built in closet.
Going backwards from there- curtains/folding panels... et al
Pinterest has some effective and attractive bedroom dividers, take a look:
https://www.pinterest.com/bunorrtahir/bedroom-divider/
To be a legal bedroom it must have a window and closet in each bedroom. Otherwise just put in a temporary divider.
You could hang a curtain or use pieces of furniture to create a division
Put two bookcases side by side to make a wall. One side with shelves to each bedroom and the back will be to the two bedrooms also. Kids can hang posters on the blank wall or even you can paint it with chalkboard paint for them to draw on.
When my daughters were young we bought a large room divider from Urban Outfitters and it worked well.
There are some ideas here: Home and Garden DIY Ideas | Hometalk