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This is definitely an option that should be considered.

I had a similar situation: I was moonlighting on a very promising startup for 2 years. My partners were supposed to do the fundraising, biz/development, or pitch in money. But it didn't happen at a level that I consider competitive. In the end things started to get worse: they don't understand the tech components very well but still had strong opinions. And that starts to become a -ve contribution. So I split from them and I am working on a few things on my own. Looking back in hindsight I feel vindicated.

I'd recommend that you cover all the conversation topics that others have suggested above. If it does not work out then cut your losses and move on. It may seem like a big deal after having invested time and emotions with this person but you should do what is right for you.

Asides: I feel that if an idea involves tech development then techies should work on it by themselves for a few months and then bring in the biz/dev guys. That way you know exactly what you are looking for and bring in the right guys that suit your business (connections, industry knowledge, etc.). Moreover you get to evaluate the biz/dev guys more closely since you can be with them when then demo the prototype. The only caveat here is that you need to have some prior startup experience so you can sort out the high level business aspects (users, customers, reveune models, etc.) on your own before you specialize your code/prototype too deeply.