Quickly. Obviously don't initiate the conversation right after an argument, but do not drag this out. Realistically, the value of the company is very low, so

Quickly. Obviously don't initiate the conversation right after an argument, but do not drag this out. Realistically, the value of the company is very low, so you're not fighting over a huge amount. Moving on with your life is much more important. It's almost impossible for any of us to give concrete advice on the specific terms of the breakup just based on only a one paragraph description. However, as an angel investor, I will caution against an equity split in which only one of you continues with the startup. A cap table with a departed founder holding a significant stake is a yellow flag. Even holding constant the terms that I, as an investor, will invest at, I want all of the remaining equity to be "working" (i.e., providing incentive to the current team, or in an option pool to attract talent). Of course, sometimes an equity split is the best choice, but, if it's a close call, I'd lean towards another approach. In your case, if the brand can be easily separated from the assets (likely, since you are early), a split based on your third options sounds appealing (though, again, I am in no position to recommend anything, just to throw some points out there).