What's the process for animating two characters together?

As MostHost says, it’s important to have a sync bone in your animation (and rig). This can be under the root. When you animate both characters, constrain the sync bone to the root of your second character. Then in unreal set the transform (you’ll probably want to lerp the location and rotation rather than snap) to the sync bone. This way it should be perfectly synced at all times.