The American Psychology Association, along with numerous other recent studies, argue that joint custody is the way to go. For the longest time, one parent would be given primary custody and the other would have a greatly reduced role in their child's life. They would be unable to make decisions regarding important matters like religion or medical matters. Additionally, they often only see their children a small fraction of the time that the primary custodian gets to see them.
While joint physical custody doesn't necessarily mean a perfect 50-50 split of a child's time between both parents, it does symbolize a greater equality. You will both have a say in how your child is raised, legally speaking. The child will also spend time a little more equally between your homes, though that isn't always the case. There is a difference between joint legal custody and joint physical custody after all, and your situation won't necessarily guarantee that you have both.
Generally speaking, the current belief is that children are likely to grow up with more stability in a household where parents are divorced but share joint custody, rather than one parent having sole custody. Contacting an attorney to review your options may be a good place for you to start as you embark on this journey.