This is pretty much how we do it too. The part about yours/mine was key for us to start because we had a shared goal of saving more than we spend.

As a matter of fact, thinking back to it now, we actually started budgeting together even before we were married and before having a joint account. We would pay for things in the ratio of our respective incomes and everything was fair based on the structure we agreed upon.

I think the underlying premise of a lot of these answers (all?) Is transparency and thoughtfulness. I can't see budgeting together working without that.