The equilibrium and stability properties of a coupled two-component BEC is studied using a variational method and the one-dimensional model of Williams and collaborators. The variational parameters are the population fraction, translation and scaling transformation of the condensate densities, assumed to have a Gaussian shape. We study the equilibrium and stability properties as a function of the strength of the laser field and the traps displacement. We find many branches of equilibrium configurations, with a host of critical points. In all the cases, the signature of the onset of criticality is the collapse of a normal mode which is a linear combination of the out-of-phase translation and an in-phase breathing oscillation of the condensate densities. Our calculations also indicate that we have symmetry breaking effects when the traps are not displaced.