Split Ownership of a Product

My business partner and I are currently developing a product. We have already agreed that we will each own 50% of the product and contribute 50% of the expenses. I currently run my own business (I own 100%) and we have agreed to make this a product that is under the business, but owned 50/50. I already own many of the tools and have the processes in place to develop and launch products, so it didn't make sense to do it all over again and my partner is OK with it. In my business, I deal with customers and contractors all day, so I have pretty well established contracts that have been working. But, I have never written or used a contract that splits ownership of a product.

Would a simple one pager work that states the product is "blanketed" underneath my company and is owned 50/50 by Person X and Y? Planning to include language about we both endure all costs, voting rights, mediator, etc. Is there a template contract that can be used to split ownership of this product?

This is a product that we expect to bring in $10's of thousands a year ($30K max?), not 100's. Product came out of a fun project we were working on and had interest from others around us.