You can do this. This is the how it's meant to be used for you to both play. The only downside that you may come across is when a third person, say a sister/cousin/girlfriend, makes an account on your Xbox.
If there's not a home account with gold they won't have gold automatically. But if you set it up both ways and both of uyou have gold, people can still get gold when creating accounts on your xboxXbox.
Also the third person won't have access to your games, only your friend's games.