First, I would urge you not to do that. Creating separate Projects means you cannot put the people in the two in a single genealogy report, nor in a single website created with Second Site. It also means any when you customize Tag Types, Source Types, etc. you have to work to make corresponding changes in the other Project.
Nevertheless, if you want to proceed, here's how. First, to be clear, you want to create two TMG Projects, one with all your ancestors, cousins, spouses, etc., and one those of your husband. Right? You didn't mention any descendants, so I'll assume there are none as I don't know which Project they are to go in.
There are a couple of approaches, but I think this one will work most easily:
1. Create a temporary flag, say "Split." with values for you and your husband. I'll assume they are J and K. Enter them as K,J to make K the default. Now we change the flag for everyone in your set to J.
2. The Focus Group is the easiest method. First, make the Marriage tag between you and your husband non-primary. Then make sure the FG is empty, and add you to it.
3. Now we are going to find all your ancestors, cousins, etc. In the Add other box in the FG, check Ancestors, Descendants, and Spouses. Set the number of generations for ancestors high enough to reach the earliest, and set the one for descendants to say 5.
4. Now click the Select All button, and then the Add Others button. Repeat until the number of "Names in group" at the upper right corner of the FG screen stops getting larger. You now have all your relatives in the FG.
5. Open the List of People report, and set the "Subjects" to the current Focus Group. In Options, on the Secondary Output tab, tell it to change your Split flag to J. Run the report, and allow the program to change the flag. You now have everyone in the Project marked as J or K with the flag.
6. Now create the new Project for your relatives. Again open the List of People Report. Leave the FG as the Subject. Set the Secondary Output to create a new Project, and give it a name. Run the report and allow TMG to create the Project.
7. Finally, create the new Project for your husband's relatives. Again open the LoP report, but now make the "subjects" a Filtered Group. Create a filter of Split = Equals K. Change the name of the Project to be created in the Secondary Output to the name you want to use for his Project. Run the report and allow TMG to create the Project.
You now have your original Project and two new ones.