Splitting is much more complex. The way I see it could be is to initialize a blank new server with a clean database so that whoever intends to play on it should reincarnate their old characters or go for alternative ones, which would make it a way too hardcore at the beginning. If only transferring or duplicating the data of wished characters from the current server to a new server was possible..
Positive of the idea: Events could be held with less or no lag at all if there was a second RP server. And more people would be able to play at the same time once the player cap is maxed on the main server.
And you should ask yourself this question as well before going on with the discussion.
Would you prefer the server to stay with 200 player slots, a bigger universe, maxed population and better chance of experiencing different roleplaying interactions or divided into two with slightly less of everything previously stated - except the player slots in total - but with also less lag?