2Timothy 2:15 Study to show thyself approved unto God, a workman that needeth not to be ashamed, rightly dividing the word of truth.
There are a couple of types of Divisions of God word we could teach. There is Dispensational Divisions made famous by C. i. Scofield and Clarence Larkin early in the last Century. This division has to deal with time periods or “Ages” as they termed them. These are divided in ways on how God dealt differently with men at different times. i.e. the age of Innocence (Adam the Garden), then the Age of Conscience, Age of Governments, Age of Law, Church Age, the Great Tribulation, the Millennial Kingdom. Encompassing these ages is Eternity.
Some of those Dispensational divisions are still in effect today for example Conscience and Governments are still in effect with men. The Law for the moment has been set aside per se, until God once again picks up His prophetic plan for Israel with the culmination of the Church Age. We are currently in the Church Age also known as the Age of Grace. Another way the word of God is divided is by how Salvation is had under Law and Grace. According to Paul they are two opposing systems of belief, one evokes works to prove ones faith, the other is by faith alone. So these are just examples of Divisions of the Word of truth.