I've had a very positive experience with my partner since we bought together in June, 2003. We split the cost of most everything except each of us takes care of our cost for insurance. We each pay $20/flight hour to a joint checking account and we pay for our own fuel.
We alternate each month paying the hangar bill. Most importantly, we don't sweat the small stuff.
He's in his 60's and flies sat and sun morning only. I'm in my 40's and fly any other time I want.
Only once has this presented a real conflict, and that's for a pancake breakfast flight I was planning on making next weekend to Van Wert. He knew all about the flight but has asked me to cancel because of a EAA sponsored Young Eagles event that has suddenly materialized and is in direct conflict with my plans.
I was a little miffed, but I got over it. It's only once in over three years this has happened and I take it for a whole weekend once a year to CWI anyway.
We don't have anything formal drawn up. It's all gentleman's agreement. Really, there's not enough money tied up in it that I worry too much about it. We both are comfortable enough with each other now that if there's a safety of flight issue or something we're not going to budge on, we can get our point known without hard feelings or problems.
Oh, and my wife loves the fact everything costs 1/2 price, (except the fuel and monthly charges.)
