Ask HN: Splitting a company between 2 co-founders.

While the company has became somewhat feasible, the relationship isn't working out. Currently, we are making about 3k/month and the profit is growing by $500/month. The co-founder wants to walk out and start a competition. He wants to do it by taking the code with him and white labeling it.

I'm looking for any advice or suggestion on how much I should be paying him.

Thanks everyone!