How do skulltula requirements split across two players?

Solution 1:

The requirements are shared for both players.

That means that if you need to kill X number of enemies, it considers the kills from both players, and both players cannot lose more than X number of hearts between them. If a challenge specifies that a player must maintain above X% of their health (I believes there's 2 of these), that threshold must be maintained by both players.

Playing co-op can be both a curse and a blessing in this regard! Though I found it very useful to have a partner when tackling bosses with a time limit.