I've only ever taught Language Arts in a team teaching situation (I taught 3rd), so I don't know which would be "easier" to do.
I loved teaming, because I didn't have to worry about the math, and I got to see different groups of kids every day. I also liked only having half the planning of a self-contained teacher. Teaming really helped with parent situations too, because my partner and I could support each other. Some disadvantages will be that you have to keep track of more grades/files/paperwork and that you just plain have more students.
As far as schedules go, when I team-taught, we basically had our homerooms in the morning and then switched after lunch. Depending on your state requirements for instructional minutes by subject, you can split the time.
Practical advice - teach your kids very specifically how to stay organized (I would recommend not letting them keep anything in their desk in either room - everything goes in their backpack and travels with them) and how to switch without disorder. You will also want two of whatever organizational system you have - mailboxes, baskets for completed work, etc. You can separate papers and things by homerooms.
Hope this helps. Let us know how it works out for you!