I use to work in this environment with 4 engineers. We used a common file strategy on a server. We did not copy our files, but worked directly from the server.
We also did not work on the same files at the same time and it was easy enough to see if someone had a file open or had access. The system was amazingly reliable.
One thing is that all 4 engineers were highly disciplined in assuring database integrity. But just in case, IT did do a daily archive -and- purge processes happened infrequently.
IT also made sure the file structure was maintained where only the appropriate files were in the appropriate folders (part number segregation).
We could -backup- and entire assembly from Pro|E into a server folder and IT had a routing that cleaned it up on a weekly basis. ...but this also means that an engineer didn't tweak or replace a library part like a screw because they all knew the implications.
With two people and a few very simple rules, you should have no issues. I can only ad that "skeleton" or "master" models could be used for external references if needed. That way you are not dependent on each other's parts on an ongoing basis. You can both reference a "locked" or "frozen" model.