This is actually kind of a challenging situation you are in, since the kids aren't big enough and there packs don't have a lot of room to carry real gear. You and your wife will be porting the gear, plus the camp stove, etc. Rather than getting two tents (twice as much rain fly, more weight in poles, more weight in ground sheets) I'd suggest getting the biggest but lightest 4p tent that you can buy. Aluminum poles for obvious reasons, Eureka has some long proven backpacking tents that are robust, not too heavy, and durable enough for more than a few seasons. If you don't already have the best / lightest bags you can get, that's another focus area, along with lightweight sleeping pads. I've never back packed with kids, but did a lot of longer backpacking trips when I was younger. Even splitting the gear for two adults doesn't leave a lot of room in packs for anything else unless you are only going on a single overnight trip.