14 Remind them of these things, charging them before the Lord not to [b]strive about words to no profit, to the ruin of the hearers. 15 Be diligent to present yourself approved to God, a worker who does not need to be ashamed, rightly dividing the word of truth. 16 But shun profane and [c]idle babblings, for they will [d]increase to more ungodliness. 17 And their message will spread like cancer. Hymenaeus and Philetus are of this sort, 18 who have strayed concerning the truth, saying that the resurrection is already past; and they overthrow the faith of some. 19 Nevertheless the solid foundation of God stands, having this seal: “The Lord knows those who are His,” and, “Let everyone who names the name of [e]Christ depart from iniquity.”
This is not about "division" into dispensations but about communicating the word of God
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One can only guess why the KJV translators chose the phrase “rightly dividing” instead of “rightly teach” or “cutting straight”, I would suggest that in 1611 “rightly dividing” might have had a different meaning than how we use it today. Given the context of this verse and the surrounding text, I think that it is appropriate that we closely examine the true meaning of this phrase.
a similar message was given by John the Baptist when he quoted Isaiah by stating “Make straight the way of the Lord” in John 1:23. John used the word G3588 euthunó, which means:
If the word orthotomeō truly meant to parse or separate, we should expect to find it, or a word of the same common root when the words divide, divided or dividing are used elsewhere in scripture --> it isn't
The Word of Truth Is Not Divided
I find it hard to believe that if Paul had meant that scripture is to be divided, that he would have made this statement, especially within the same letter to Timothy that he wrote All Scripture is given by inspiration of God and is profitable for doctrine, for reproof, for correction, for instruction in righteousness - 2 Timothy 3:16