This discussion has been had over at the Old House forum, so you might want to check that thread there for other ideas. I definitely agree with the armoire idea, or have some period-style built-ins constructed. Put your funeral suit and cocktail dresses in a guest closet along with other occasional items. What I do is switch out my wardrobe seasonally, which is a great option if your climate allows it. This also gives you an opportunity to really purge your clothing. (That would be another choice. Harsh reality as it is, part of the trade-off in living in our beautiful old homes is compromised storage space by modern standards. When we moved in here, I got rid of soooooo much stuff, and I cannot tell you how great it still feels. Most people really only wear a few things over and over again. You don't need 75 t-shirts if you really only wear 5 regularly. Same thing with work clothes, I found even though I kept buying them, I didn't really wear most of them - so out they went. I also religiously follow the "one-in, one-out" method for mine and DH's clothes and shoes. It's harder for him to choose than me!)

This forum is pretty slow, You may get better resonses from the Remodeling Forum.

I just finished an addition to my twenties home. I tried everything to get a bath and closet with in a 13 x8 ft space but everything felt cramped and instead of having a tight closet and a tight bath with small shower and vanity we decided to add wardrobes to or large bath. I wanted custom but due to an unexpected health issue we scaled back budget and went with IKEA pax wardrobes they hold all of my most worn seasonal clothes and all of my husbands work clothes plus most worn casual wear. I like the reach in better for organization too. We still have the orginal reach in closet and a pine older armoire for extra items in the bedroom but never open it. Could you add wardrobes in the bedroom and have a nice sized bath with additional storage? I really love my large bath after years in this old house with tiny baths and closets. I was unconventional and like keeping my clothes in the bath which has two venting fans. it is my most private from the street area in my room so it is where I change anyway but the wardrobes take up so little space I could have placed them in the bedroom without losing much floor space too. in your second plan you can turn the vanity and make it longer and have the edge abut the shower with a half glass panel and than the door....

I would opt for bigger bath and one shared closet. Would overall be less cramped for space. If you do the closet with a wall closet system with various drawers and hangers there is more than ample space for you both. If not, then you have too many clothes. In my closet I have 3 drawers and a hanger above those in multiple areas, then I have hangers for long clothes, and we have corner shelving and shelves for storage on top. Lots of space. Shoe rack on the floor under the long clothes.