If you want to access it at the same time, you need to use some form of NAS. No question.
Realistically though, if you need access at the same time: You will spend $200-250 minimum for a cheap NAS + 1TB $40 for two PCI or PCIe gigabit NICs (for desktops) and maybe $60 for a decent used dell/hp switch.
So figure 1TB simultaneous is ~$400.
1TB non-shared you could use external eSATA docks for $50 + $70 for the 1TB drive and spend $150ish. USB would cost about the same, plug into almost anything, but be as slow as heck.
Just as a thought though... if you both need access, time is money. Having to wait for each other, having potential save errors and etc against deadlines, it is easily worth the $230 difference.
As Rebatemonger mentioned, you probably want backup or redundancy at least, so add another $70-100 for a second drive.