This is the best approach psychologically. Done in good faith by both parties, neither parent looses. A noncustodial father may be happy to help pay for baseball or summer camp if he had a hand in deciding that the child should engage in the activity. A mother who participates in the decision to get braces for the child will be much more willing to pay her share of the expenses. And, lets face it, we all have to get away sometimes.
Joint custody can work, and work well when it is approached in a mature cooperative spirit.
It tells the children that the people in charge of them are intelligent and caring, rather then confrontational and disputive. The ability to present a solid front in matters of school, church and discipline can help parents avoid being played off against each other by kids whose confusion may cause them to be manipulative. In short, if it can be done, it should be. Unfortunately, there are situations when joint custody just won't work. Parents who are too interested in control can make the sharing of authority difficult, and nerve racking for the children.