If you are shooting for publication, it would be far better to work on material yourself. It's hard enough for a single debut novelist to get through the door without the burden of two.
One of the things a publisher will be looking for in a first time novelist, is a good work ethic and the ability to go the distance and produce quality work. Having a co-authored book says that you can do it with help... but not necessarily alone. This would make it harder for a publisher to invest money in your "unproven" writing future.
Not that there is much hope for debut writers to begin with.
