The rules on this are pretty clear. You and your wife can play at the same time, you can trade money and pokemon to and from your accounts as you wish since you are different people. I have children on the same IP and now that I have two computers again I also intend to transfer money and pokemon when I can be bothered meeting up with them at Trade City.
You are also allowed to use multiple accounts as long as you don't use any for the purpose of breaking any of the game rules. Again, I have five accounts for myself. I have used three to go through all the gyms and most of the ingame quests. I intend to start another one soon to start in Johto for the first time on PWO. As has been stated we cannot trade between our own accounts or have them online at the same time for any reason.
The rules can be found here:
http://www.pokemon-world-online.net/rules.php
Everything I've said is covered there. I am not game staff but you can see the rules for yourself while waiting for an official reply here.