First: Netflix will cancel your contract, which is not a real issue in itself.
Second: You will have to pay for the damage you did by sharing your account and could get sued. But there is yet no case known where people actually got sued. So, it's more likely that nothing will happen in this case.
I personally don't recommend it for whatever reason, but it's your life...
Im paying to watch it on 4 devices at the same time so i dont know if sharing under this circumstance is found problematic by netflix .