You would need to start by using the Grid Utility "Clip" option (Gridding>Grid Utility menu option) to clip each grid using the dividing polygon in a 2D vector file (.TAB, .MIF, .SHP) so that it behaves as a cookie cutter. i.e. for Grid1 apply the polygon as a vector file and clip the area inside the polygon and for Grid2 apply the polygon and clip the area outside the polyogn.
Then use the "Merge" option in the Grid Utility to merge these two clipped grids together.