The Sims 3 doesn't offer traditional simultaneous co-op where two players control Sims in the same household at once. However, it provides several multiplayer-adjacent features for shared experiences.
No real-time shared household control. You can't both direct the same Sim simultaneously. The experience is parallel play in a shared space rather than true co-op.
For genuine co-op life simulation, The Sims 4's "Play with Friends" mod (PC) or waiting for Project Rene (next-gen) are the only paths forward.