The are two things at issue here--keeping a separate partition from the installation and keeping personal files from /home
Generally, having a separate /home partition is a good idea, as you can reinstall a Linux distro as many times as you want. However, I would not recommend using the same /home folder/partition for two different distros. This doesn't mean you can't create a separate
data partition for your personal files--this is what I do instead of having a separate /home partition.
I have instructions for how to create a separate /home partition, but you can skip all that stuff about copying /home--just copy your essential files. Then, when you install Ubuntu choose
manually edit the partition table. Do not do an expert install. Just do a regular install.
http://www.psychocats.net/ubuntu/separatehome.html