Yes, the two pieces act as individual magnets. The poles of two pieces of magnet are:
The magnetic poles always exist in pairs. When an attempt is made to separate the magnetic poles by breaking a bar magnet in the middle, then it is observed that each of the two parts forms a complete magnet. New magnetic poles are developed at broken ends. Now if we further break each of these parts into two, even then each part will be a complete magnet and will contain a north pole and a south pole. Thus, even if a magnet is broken into atoms, each atom will be a complete magnet. This clearly indicates that an isolated magnetic pole does not exist, i.e., each magnet is a dipole.