Easy! Shuck the plant out of its pot and take a sharp, sterile knife and cut straight through a section of the root ball. Be sure to get some roots from the division and plant it up in some well-draining soil. As far as tips, don't let this palm really dry out or it will deeply resent it. They like bright light but watch direct sun in the hottest months. They make GREAT houseplants that never really need go spend the summers outdoors (though it's helpful if you can manage it).

I agree with the method of division that NJ mentioned. I would wait until early spring before cutting it though so it has all summer to spend outside in the shade to recover.
One of my favorite palms, and pretty cold tolerant (and VERY indoor tolerant). Too bad that its slow growing and expensive.
Good luck and Happy New Year!
-Alex