Python Regex to split text into words and punctuation

# Using Regex to split text into words, preserving all punctuation
import re

list_of_long_texts = ["Hello Fred, what time is it?", "Too early, for me!"]

# mydict contains words which are to be replaced in the text
mydict = {"time": "hour", "early": "late", "me": "you", "Fred": "Jim"}

for text in list_of_long_texts:
    outline = ""
    arr = re.split('(\W)', text)    # Create a list containing every word and separator
    for w in arr:
        if w in mydict:             # If word exists in the dictionary ...
            w = mydict[w]           # ... replace it with the dictionary entry
        outline += w                # Append word or separator onto output line
    print(outline)

# Result:-
# Hello Jim, what hour is it?
# Too late, for you!