I'm hoping to get some clear advice on what I might be able to do with an aging peace lily - I have searched and searched but keep finding conflicting info and no clear instructions for anything.

I'm trying to save my fiance's 18 year old peace lily. It is "weak" looking, hasn't bloomed in a couple of years and seems to have divided itself in the pot. No center anymore, just outer "stalks" that are very woody until halfway up where the green growth starts. He has never repotted it and it looks like it's lost half the soil that should have been in the pot. I don't know whether to repot it as is, in which case do I cut the roots? And do I keep all that woody part above the soil level - which won't look very nice. Do I divide it? Is there a way to propogate it somehow so that I can start new plants and let the old one go? He thinks it looks terrible and wants to just pitch it and buy a new one.

I know houseplants don't last forever so I'm not going to cry over it or anything. But I hate to just throw it out without even trying anything.

Any advice?