Wait on digging up both until this fall less stress on both plants and it allows you to plan on what you are doing. Your tree peony should be developing buds right now for next years bloom. I posted a picture a couple of weeks ago of what to look for.

You'll not want to remove soil and create a depression over your peonies, that encourages puddles and peony roots will rot quickly in that type of boggy situation. Maifleur's advice is sound, I'd follow it.

If you have an issue with roots sinking in your soil you might want to try what another forum member said she did--actually plant the peony root at ground level and mound over it to create a gentle hill an inch to 2 inches tall, depending on your zone.

Thanks, I am in 5b, so what should the soil depth be?

You have cold enough winters in 5b for the 2" depth but planting a bit more shallow wouldn't hurt. If you decide to mound I'd stick to 2" of soil over the eyes, a bit more protection.