I actually know a couple who does that...one family lives in Washington, the other in California.
One family has the kids during the summer and all school holidays and vacations including long weekends. The other has them during official school days.
They called it "joint custody, " so I assume that is what it is called legally? To be honest, I really don't know much about this, so I'm only working from anecdotal information.
They should both be made to live in Nebraska as punishment for screwing up their children, and being selfish not living closer. If they couldn't make a marriage work long enough to raise children until they finished their schooling, they should have stayed closer for the kids sake..
That said I have been divorced twice getting kids in both marriage, .. Go figure, at least I cook a great dinner every night, the kids were smart.. they each had the mothers' good looks and brains and my impeccable palate.. :)