You are correct that if $G$ is an abelian group, $F$ is a finitely generated torsion free subgroup, and $G/F$ is torsion, then $G$ will be isomorphic to $F\oplus T'$ for some finite subgroup $T'$; however, as noted by Alex, $T'$ is not necessarily isomorphic to $G/F$.
You can even say a bit more:
Theorem. Let $G$ be an abelian group, with a finitely generated normal subgroup $N$ and such that $G/N$ is finitely generated. Then:
- $G$ is finitely generated;
- $\text{free rank}(G) = \text{free rank}(N) + \text{free rank}(G/N)$;
- If $N$ is torsion free and $G/N$ is torsion, then $G$ is isomorphic to $N\oplus T$, where $T$ is a isomorphic to a subgroup of $G/N$.
Caveat: In the isomorphism in part (3), the isomorphism $G\cong N\oplus T$ need not identify $N$ isomorphically with itself. Again, see the example Alex B. gives.
Part 1 is in fact true for any group:
Lemma. Let $G$ be a group, and let $N$ be a normal subgroup of $G$. If $X\subseteq N$ generates $N$, and $\overline{Y}\subseteq G/N$ generates $G/N$, then there is a subset $Y$ of $G$ that bijects with $\overline{Y}$ and such that $\langle X,Y\rangle = G$. In particular, if both $N$ and $G/N$ are finitely generated, then $G$ is finitely generated.
Proof. For each $y\in\overline{Y}$, let $g_y\in G$ be an element such that $g_yN = y$; let $Y=\{g_y\mid y\in\overline{Y}\}$. I claim that $X\cup Y$ generates $G$.
Indeed, let $g\in G$. Then $gN$ can be expressed in terms of elements of $\overline{Y}$, $gN = y_1^{a_1}\cdots y_m^{a_m}$. Since $\pi(g_{y_1}^{a_1}\cdots g_{y_m}^{a_m}) = \pi(g)$, then it follows that $g(g_{y_1}^{a_1}\cdots g_{y_m}^{a_m})^{-1}\in N$. Thus, it can be expressed as a product of elements of $X$, $g(g_{y_1}^{a_1}\cdots g_{y_m}^{a_m})^{-1} = x_1^{b_1}\cdots x_n^{b_n}.$ Therefore, $g = x_1^{b^1}\cdots x_n^{b_n}g_{y_1}^{a_1}\cdots g_{y_m}^{a_m}\in \langle X\cup Y\rangle.$
Thus, $G\subseteq \langle X\cup Y\rangle$, hence equality holds. $\Box$
For part 2, the simplest way is to tensor up to $\mathbb{Q}$, i.e., consider the sequence $N\otimes\mathbb{Q} \to G\otimes\mathbb{Q}\to (G/N)\otimes\mathbb{Q}.$ It is not hard to verify that $N\otimes\mathbb{Q}$ is a subgroup of $G\otimes\mathbb{Q}$, and that the quotient is isomorphic to $(G/N)\otimes\mathbb{Q}$. Now you are dealing with vector spaces, and the free rank corresponds to the dimension of the resulting vector spaces. So part 2 of the theorem becomes the assertion that if $\mathbf{W}$ is a subspace of $\mathbf{V}$, then the dimension of $\mathbf{V}$ equals the dimension of $\mathbf{W}$ plus the dimension of $\mathbf{V}/\mathbf{W}$, which is true.
Finally, for part 3, part 2 guarantees that the free rank of $G$ equals the free rank of $N$, and so when you express $G$ as direct sum of a free part and a torsion part, the free part will be isomorphic to $N$. To show that the torsion part is a subgroup of $G/N$, note that if $H$ is the torsion subgroup of $G$, then $N\cap H=\{1\}$. Thus, $H\cong H/(H\cap N) \cong HN/N$, so $H$ is isomorphic to a subgroup of $G/N$, since $HN/N\lt G/N$.
(In fact, the torsion part of $G$ is also isomorphic to a quotient of $G/N$, since every quotient of a finite abelian group is isomorphic to a subgroup of that group.)