
As with any co-ownership situation, don't. Friendships may not last and things could get difficult later on. I did sell a puppy I'd run on, after he started being silly with his uncle when he was approaching 2 years, to someone I sort-of knew in my breed on a co-ownership at first. I set out specifics in an agreement between us (ie studs received, showing, vet bills etc.) but as time went buy and I got to know her better, eventually I released him into her name alone.
What you might consider doing is setting up a new Kennel Name, in both your names - some people in my main breed have done this with people they clearly trusted. If this is with somebody overseas, you'd need to decide in which country you apply for a new Kennel Name.