The reason I asked the age of the children, is because if they are teenagers you should be looking at a somewhat different approach to the situation than if they are younger. Their wishes should be taken into consideration to some extent. They should not get to decide, but their wishes should be taken into consideration. They are going to be upset and perhaps resentful of the situation to start with, if they feel that they have absolutely no say about their lives going forward, you could have them walking out of both your lives at age 18.
Older kids though tend to deal better with an every other week situation when its a 50/50 timeshare. Older kids also do better when the two parents commit to living close enough together that the every other week has little to no impact on their school or social lives.