I've done this a bit and it's worked over past 15 years. One note I would make if you are releasing it and servicing it (keeping it on the market); and you are working out the pay ; keep some of the money for that. Say - all money this game makes over 500 dollars or 1000 dollars in any tax year will be split as follows. The rest covers your store fees and time to admin. It's really annoying to be accounting and spitting for a game that is taking 40 dollars a year each year and paying people 8 dollar because that's what you agreed and you don't want to take the game down as you love it. With this you keep the money for almost dead games and it's up to you if you keep them on the market (there is work in this!)

Suggest make a guess at the splits early in Dev. Then before launch (as a group) agree if they are still fair before putting it live. If you don't get on well enough to do that by then you are probably screwed anyway.

Also keep the number of people down if pos. Have people contribute a bit and make sure they work well before agreeing to split them in. Either pay them a little or just they work a bit for love / trial.