I'm just getting ready to do this -- my wife is moving to start work while I stay in NC to do my MBA at Duke.
I get the impression there are a handful of married couples who do this every year. I've spoken to a few folks in my class who are in this situation and a few in previous classes. It seems doable, but it really depends on the kind of relationship you have. My wife and I have spent several summers on opposite sides of the Atlantic for her to study and work, and I've worked on long-term engagements abroad where I was gone for 2-3 weeks and home for 2-3 weeks, rotating back and forth. We knew we could handle it, and because of her flexible schedule and the distance, we'll be able to see each other 2-3 times a month.
I think for us the decision came down to a pretty simple calculus -- our relationship is really solid, so we can leverage that to get what we want done. It's best for both of us that I do this degree, and the schools where she's working aren't an option.
I would look carefully at how you're going to manage the relationship day to day and month to month, though. We visited Tuck and decided no right away because of the isolation and (especially) the distance from her to an airport with direct flights to Manchester, and then the distance from Manchester to Hanover. It just wasn't doable for us.
So that might play into it for you. There are direct flights from Chicago to San Francisco, so it might be doable for you to hop down to Midway from Hyde Park and head out for a weekend. Or you might decide Central or East Coast to Pacific is too many time zones to work out good times to talk online or by phone. Very personal choices. But in principle, it's doable and is done by a minority of b-school students. In your case, the fact that you'll both be doing MBAs might strengthen the relationship, too -- more to talk about, more compassion for each other going through the same challenges, etc.
Best of luck!