Running two cables meant for different loads directly from 200Amp electric meter
The solution is (essentially) a small but heavy-duty panel at the meter. These are often designed as a combination (look for &quot;meter main&quot;) so that you can feed a handful of large loads and/or subpanels from the meter - which is exactly what you are trying to do. Avoids double-tapping the lugs and provides a safe shutoff for each subpanel separately so that you only need to get the power company involved one time, unless you need to replace the meter main.
Something like this Eaton CH 200A 8-space:

They have some slightly smaller ones, but I wouldn't go smaller than 8 spaces, because each 240V circuit will take 2 spaces. So from a practical standpoint, I would consider it as a panel to feed up to 4 subpanels. But, for example, you might have 2 subpanels (as planned) and use one of the spaces for a convenience circuit or for outdoor lighting.