family sharing

My wife and I both have an iPhone and iPad (she has a 6 and I have a 6 plus). We are using IOS 10. We are both using the same Apple ID so that we can both use mail, calendar, reminders, photos, iTunes, etc. Is this the best way to share? Or should we consider using "family sharing"? If we use "family sharing" what are the pros and cons?

One issue that seems to baffle us is when we get text messages on my wife's phone, or get reminders, or calendar events, her phone sometimes sounds an alert and other times does not. I am wondering if this is a problem with the phone or iPad or does it have something to do with us being on the same apple ID and on the same network?