Buying a boat with a partner is becoming more popular in part because charter companies allow more generous "owner's use" as an incentive for buyers. Therefore, two families can each enjoy 3 to 4 cruising weeks per year, which is often more than most people can use annually. Another reason partnerships are desirable is that the financial burden is shared. This makes ownership available to a much broader number of boat owners.
There is a risk to partnerships, even a partnership with family or your best friends. That is why you need a rock solid contract establishing the exact rules, responsibilities, and owner use between the partners. A good contract is the secret to enjoying the boat and a long and happy friendship and partnership! However, do not be intimated by this prospect. It is a simple document and an easy process. Sailonline.com provides a document tailor-made for partnerships. It covers most situations that can arise during the life of the partnership but can easily be adapted to your personal situation.