You're right on both accounts. Irises are typically dug and transplanted in mid-August; hostas are traditionally divided in the fall or in the spring, just as new growth begins. If you dig and divide them now they will wilt and look puny for about a month, but they will recover, so if now's the right time for you to dig and divide them, go ahead. Best wishes with your garden!
You must be signed in before you can post questions or answers. Click here to join!