<?php
$s = '8/29/2011 11:16:12 AM';
$dt = new DateTime($s);

$date = $dt->format('m/d/Y');
$time = $dt->format('H:i:s');

echo $date, ' | ', $time;

$time = $dt->format('h:i:s A');

<?php
    $date = strtotime('8/29/2011 11:16:12 AM');
    $dat = date('m/d/y', $date);
    $tme = date('H:m:s A',$date);

?>

$mystring_datetime = ....;
$dt = DateTime::createFromFormat('m/d/Y H:i:s A', $mystring_datetime );
$d = $dt->format('m/d/Y');
$t = $dt->format('H:i:s A');

$mystring_datetime = ....;
list($date, $time) = explode(' ', $mystring_datetime, 2);

<?php

$s = strtotime('8/29/2011 11:16:12 AM');

$date = date('m/d/Y', $s);
$time = date('H:i:s A', $s);

?>

$str = '8/29/2011 11:16:12 AM';
$dates = explode(' ', $str);
$dat = $dates[0];
$time = $dates[1];