The workflow depends on a lot of factors. You might want to read through this if you haven’t already:
https://docs.unrealengine.com/latest/INT/Engine/Sequencer/HowTo/TracksSub/index.html
This describes how you could break up the various parts of the sequence (shots and by discipline). It’s more suitable for a few people working together and dividing up the level sequence asset files so that there’s less contention between needing to check out the same files.
Another point to consider is that once you break your work up into shots, you’ll be working on each shot individually as opposed to one long shared animation. In some cases, you might want to start with one long animation, get as far as you can get and then break it up into shots.
A lot to consider…