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One each is the trap
It is the first thing every couple tries, because it looks fair. You take that baby, I take this one. Then the first twin wakes, and you both surface. Then the second one goes, and you both surface again. At the end of the night you have each been woken five times and neither of you has had a run longer than ninety minutes.
Splitting by baby divides the responsibility. It does not divide the sleep.
Splitting by time divides the sleep
One of you is on from bedtime until the middle, covering both babies, whatever happens. The other is genuinely off: different room if you have one, door shut, phone face down. Then you swap. Each of you gets one block that nothing interrupts.
The total hours barely change. What changes is that the hours are in one piece, and that is the part that matters, because the restorative stages of sleep come later in a cycle and a wake-up sends you back to the start of one.
Making it actually work
The off-duty parent has to be properly off. If you are in the same room, you wake at every noise whether or not you get up, and the shift has bought nothing. This is the single most common reason couples try this, feel no better, and go back to one-each.
If one of you is feeding, put that parent on the first shift and get them into bed early, so their block starts before the babies' first waking. One bottle of expressed milk or formula on the other shift is usually what makes a real block possible.
And swap which of you takes which half. The second shift ends with the day beginning, which makes it the harder one, so alternating it is fairer than fixing it.
Where the app fits
The handover is where this falls apart: the person coming on needs to know who fed, how much and when, and at 3am nobody wants to explain it. Multibaby lets you both log from your own phones against the same record, so the shift change is a glance at the screen rather than a groggy conversation neither of you will remember.