Currently you are not able to divide it beyond as satoshi is the smallest introduced unit. However, if it ever becomes needed, additional units could be added that are smaller than a single satoshi (e.g. 1 000 000 Laudas = 1 Satoshi). I don't think that it will come to that though.
It will be needed if bitcoin becomes one day the world's only currency
Otherwise it won't be needed. Now even if it does become the world's only currency, dividing the Satoshi into a million Laudas won't be needed: one more decimal will do the trick (to which we'll add 2 more for the sake of clarity).
1 BTC = 1,000 mBTC = 1,000,000 uBTC = 1,000,000,000 Parkers = 100,000,000,000 Nakamotos. That would give us a total of 21,000,000,000,000,000.00 Parkers, which is more than enough to store all the wealth that there is in the world.
(
The satoshi would have to properly disappear as a unit otherwise it would become horribly hard to navigate between the new units and the old, so the role of the bitcocent could be given to a new unit called the Nakamoto or whatever.)
That's a nice day-dream though, that would make quite a bunch of us billionaires
... The protocol is not set in stone, but you will get a lot of people who would have objections about that. The price 
