Is it possible to divide a field into fields?
It's definitely possible, but will require some coding. I can't work out the whole thing for you but I can point you in a direction.

You would have to create three new fields for 'first name', 'last name' and 'title' in the content type. 

Then create a script that loads all of the nodes of that type with node_load_multiple then iterates through them, taking the old value of 'title' and splitting it using regex or the php 'explode' string function. Then using entity_metadata_wrapper, stick the individual values into the new fields and save the node.

Using drush, you can run the script like this: drush php-script scriptname.php