Technically what could happen to transaction on August 1st?
Technically what happens during home maintenance, cover the valuables, you step out, let the work be finished. The same thing here, safeguard your valuable bitcoins where you own the private keys, there would be some network instability, avoid transactions at this time, once network stabilizes just carry on.
Just don't store your bitcoins in exchanges. If a split happens, no matter what the contingency plan of exchanges is, it's always risk free when you have total control over your coins.