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Two tenants split up, but one wants to stay. Deposit?

My tenants are on a month to month lease.  They have decided to split and are currently not on speaking terms.  The one that moved out is now saying that she wants to end the lease and is giving me 30 days notice.  She says that she put up the security deposit and wants it back.  The other tenant wants to stay and sign a new lease.  What do I do regarding the security deposit?
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The Tenant that is remaining, I would make sure that they can afford the rent on their own. If that is possible; I would tell that Tenant to pay the other tenant his half of the security deposit, and draw up a new lease with the Tenant and transfer the original SD  to the new lease. OR I would have the new tenant apply for the apartment on their own, and if they are approved, have them pay their first months rent and security deposit. I would then do an inspection of the apartment and make sure that there are no existing damages. If there are none, have the new tenant sign a condition report to that effect. I would then reimbusrse each tenant their share of the security deposit. Either way keeps you out of the middle.
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