I AM IMMENCELY HELPED BY HOUZZ IN BUILDING, DESIGNING & INTERIOR DECORATING, PAINTING AS WELL AS DIFFERENT CONCEPT OF COLOUR FOR WALL OF MY HOUSE, OF COURSE WITHIN MY FINANCIAL MEANS, I AM STILL WORKING ON CHANGING DECORATING WITH THE HELP OF YOU. THANKS HOUZZZZZZ

I feel partitions are not needed. You already have too much for the space. Adding a partition will shrink the space further. The simplistic solution, you do not wish to discard any furniture would be to paint all the walls in lighter pastles. And use some wall painting frames to highlight certain walls.

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To make space for 3 study tables including your wife's, you must get rid of the steel almirah. Have an extended open wall shelf of 3 rows for books & storage & 2 spaces next to each other for desktop/laptop where there is currently one. The right side wall near the small kids table can be made into soft board for ideas etc and then have the marker board next to it. Above this table can be small open squares for toys/books etc. Use eco blinds instead of curtains to regulate light & cool the room if you want to make the space serious. Remove the clutter under AC and have cushions/fabric seater to make it a lounge area instead. Use mutiplugs or extn wires to reduce wiring. You may consider a good quality designer fan with pendant LED light which will amplify lighting and ensure silent reading or studying. Else, use an effective LED tube on both sides with a blue themed fan.