[iphonesb] Going in with co-worker to make game need business advice

I've already created the core mechanics for a game and have a working prototype. A co-worker of mine is an artist and I want to bring him in to do the art. This could be a long term business relationship of me doing the game design, software development and him doing the art, game design, and business( he also has a MBA ). 

I'm curious to know if this sounds like a perfect 50/50 split profit situation or does one side usually get a higher percentage and these situations?

I'm also curious to know what things I should think about when starting this business relationship so that I don't get screwed down the road. Not necessarily by this guy, because I do trust him, but by anybody else if this relationship doesn't pan out. 

Thanks

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