I would say that the dog does not respect you both as being higher in the pack than he is. I have two labs as well. Neither of them are allowed on the furniture. Neither of them have issues with my husband or I being next to each other, hugging or kissing. However, I do have an Irish Setter that is visiting us and he neither respects us or his owner. He will bark anytime I give my husband a hug. He tries to get up on the furniture and begs for food to the point he tries to put his nose in your plate. I have been working with him by forcing him away while we are eating and keeping him off the furniture. During the evenings when he is here with me, he is quiet for the most part, but last night when his owner was here...he was wild. Begging again, barking again. He really needs some training. It's awful.
I would start by telling him no when you are near one another especially if he's biting. But as soon as the barking begins, I would tell him no or move him out of the room into another part of the house until he understands it wont be tolerated.