Yes, is the short answer.
On the new file, go to the paragraph style panel and using the dropdown, select "load paragraph styles" or "load all text styles" then go the file you want to copy from.
Thank you so much!
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But I think it's important to add that if you change any style settings in your source document (the one that you loaded your styles from) they won't update automatically in your destination document. Once they are loaded, the two files aren't linked in any way.
You are right! And that's what I am hoping for at this time too. Thanks!