It may fork on Aug. 1 or it may not. But it will not really become two bitcoins, rather a new version will become the one and only bitcoin and the other occurrence will be something else. If there is a true split, a hard fork, then you will have to make some decisions. If nothing happens or a soft fork happens you really don't have to do anything.
i'm with you on this one, there will not be two bitcoin no matter what will happen, but there will be a new main chain if an hard fork happen and the majority of miners go to that fork, but i do fear mostly a 51% attack if the majority want to get rid of the smallest chain, this is more dangerous than a chain split, and no one is talking about this