You aren't long on options. I don't think anyone wants to buy half of a company against the will of the other founder. Nor can you force a dissolution of the company. Assuming you don't have an agreement that spells out what happens when one partner wants a split to happen, I think you're in a tough spot.
In your shoes, I would tell your partner that you don't feel like you're being treated like an equal partner... If you don't have veto power on any hire in the company, that isn't right.
If you can't find consensus on strategic or tactical decisions, then I'd ask for a negotiated split. You could sell the whole entity, buy his half, sell him your half, or something more creative. If you can't come to an agreement, you could suggest a mediator. But I don't think you can do anything without his goodwill, so I'd work on getting that. The good news is that he's in the same spot. Hopefully he'll be reasonable... And hopefully next time you make sure to have rules in place for stuff like this. I've always liked http://en.wikipedia.org/wiki/Shotgun_clause
The point about 50/50 partners each deserving veto power on any hire is a strong one. If there's any chance the relationship can be repaired, and a mutual understanding about how to handle things going forward rebuilt, I would think this mutual-veto-power would have to be assumed. It also may be an abstract-enough standard of fairness that it can be discussed without necessarily obsessing over the designer's particular situation.
In your shoes, I would tell your partner that you don't feel like you're being treated like an equal partner... If you don't have veto power on any hire in the company, that isn't right.
If you can't find consensus on strategic or tactical decisions, then I'd ask for a negotiated split. You could sell the whole entity, buy his half, sell him your half, or something more creative. If you can't come to an agreement, you could suggest a mediator. But I don't think you can do anything without his goodwill, so I'd work on getting that. The good news is that he's in the same spot. Hopefully he'll be reasonable... And hopefully next time you make sure to have rules in place for stuff like this. I've always liked http://en.wikipedia.org/wiki/Shotgun_clause