This letter reports the first results on the coupled modulational instability of copropagating spin waves in a magnetic film. Strong instability was observed for the two waves with either attractive or repulsive nonlinearity. If the two waves have attractive nonlinearity, the instability leads to the formation of bright solitons. If the two waves have repulsive nonlinearity, the process results in the formation of black solitons. The instability was also observed for the two waves in separated attractive-repulsive nonlinearity regimes.