The most common way to divide the Bible is by dispensations. But each dispensation is based upon a specific covenant, and knowledge of these covenants will help us all "rightly divide the word of truth" (2 Timothy 2:15).
Although a dispensation may come to ane end, the covenants themselves often continue. Specifically, conditional covenants are terminated if the terms of the covenant are broken, specially if they are broken consistently. Unconditional Covenants remain in force.
Each of the eight Covenants governs one or more of the dispensations: