How does app monetization work

I know this isn't the correct forum for a question like this but I'm having trouble getting an answer and the DK I used was stencyl.

I am working on an app with a friend. He does art and I do the rest. We were talking about how we would split the money and I wanted to know if you could set it up so that profit from the AppStore could be split 50/50 an each half be put in a separate account

I don't think you can split it. One entity manages the apple account. Someone is going to have to split the profit and send it to the partner.