Divide.
Sorry to be the grammer nazi.
I have to agree, this is a bad way to store names.
Our test cases:
De Leon Smith
J.Donald Smith
Betty Rae McCollum-Smith
Ray Jay Johnston Jr.
Dr. John McCormick III
Huyan Fan Vick
These would all probably break the example code. The last one is common in our area, the family name is Huyan, similar to the traditional last name.
We keep both a Fname Lname, Minit, and a display name to get around most of the issues in our HR database.
Hope that gives you some food for thought. -K