First --- Asset Value is the Fair Market Value of the asset i.e. what an unrestrained buyer is willing to pay for it. This goes in your assets column.
The loan balance secured by the said asset is your liability and therefore goes into the Liabilities column
The equity you have on the asset is usually the difference between the FMV and the liability of the asset.
If you own only 50% of the asset then each of the above should be 50% allocated to you. However, depending on the mortgage contract, you may each be severally and jointly liable for the whole amount outstanding. This is while the title document may allow you only 50% of the asset. Thus while you own only 50% of the asset, you may be liable for 100% of the liabilities. Please check these documents,
Hope this helps
