Is it possible to divide a field into fields? I think this is impossible. However, is it possible to change a field into fields on Drupal 7? I have a content type of author. We used the "Title" field for user full name with their title. Is it possible to change it to "First Name", "Middle Name", "Last Name", and "Title" 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