Place the cursor where you want to cut the film. Under the monitor click the triangle at the Cut symbol, and you will see that Shortcut for Split Movie is Alt+W. Now you have the two parts on 2 timelines, and can change from part one to part two by clicking triangle at Movie under monitor.
Then click File - Movie - Save movie as and save Part 1. Then move to part 2 and do the same. Now you have 2 projects and can burn them one by one on DVD's or export them.