The Split Tool is a Shape Operation that allows you to take an existing shape feature and split the shape into two or more shapes that retains the same attribute data as the original shape.
To use the Split Tool, a feature shape, and the Intersect button will become available. Clicking it will give you the Line tool for you to cut the shape by clicking outside the shape and then crossing the line with the shape. You can add as many cuts as you want within a single use of the Split Tool. Once you are finished cutting up the shape, double click and the shape will be cut. Save Edits will commit the split to your feature layer. Each new shape will retain all the information from the original shape.