Long answer short: YES! When you sell your TIC, you can each decide what you want to do with your slice of the pie.
1. You can stay together as one 1031 Exchange or
2. You can 1031 Exchange your portion while the other(s) to take cash or
3. You can each do a 1031 Exchange into separate properties with your portion.
You’ve got great flexibility in how you transition out of a property held as tenants in common. Because each situation and investor has unique circumstances, always consult with your financial adviser before proceeding.