If you use two Kobo accounts and two ADE accounts, you will not be able to read each others' books. ADE does the DRM thing using a combination of your user info from your Kobo account and the ADE account info. When one combination is being used, any books with another combination are "locked" and unreadable. You can also only have one Kobo account active on any one device.
You will also run into problems with having to redownload your books (and hers when she is the one connecting) using your Kobo desktop application.
There are annoyances related to bookmarking and syncing if you share the same account, but in our house, we work around that by not reading the same book at the same time. Other couples I know share an account but one generally reads the Adobe versions, and the other reads kepub. With two Touches running off the same account, I suppose Reading Life and Pulse (when it gets to the Touch) might get more complicated.
The short version of this is that it can be done, but you may want to weigh the pros and cons.
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