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Tentacles? Check
Adorable eyes? Check
Big slimy mouth to vore you? Check
For these cases, I create a plane and start "tracing" the area where I planed the cut. Then use a boolean operator to split the models.
It's usually a good tactic to separate the legs from the torso, as this splits the model in half, allowing you to get a bigger print from a smaller 3D printer and "maneuver" the pieces to arrange them better as well.
In this case, the cut is a little difficult, though.
Look from the outside if it doesn't affect the main appearance too much.