If it's growing outside, I would divide it in the spring. If it's a houseplant, I would divide it anytime, though in southern Australia, there is a slight advantage to dividing in spring, due to day length. So, probably pretty soon!

As far as I was aware, Tug, Cordylines can't be divided as such - if they produce more than one main stem, then its possible I imagine? Is that what you're assuming, more than one main stem?

Our Cordyline grew 'babies' at its base, which can be removed gently and replanted so long as they have roots (at any time as far as I'm aware).

Yep, babies with roots are fine, and separate stems with roots are fine, but otherwise, they can't be divided as such can they, not like herbaceous perennials.

The species that Taurus has is one that produces offsets as well as branches, and also is frequently sold as multiple cuttings in each pot, which may need separating as they grow.
Taurus, if it turns out to have only one stem from the ground, you can still make more plants from cuttings. They root easily in a vase of water.

Thanks for the explanation Tug...

You're welcome, Bamboo!