Hi Rich,
Generally speaking labview is pretty good with memory management. Do you ask this because you think you have a memory leak?
Splitting an array and not using part of it in and of itsself will not cause a memory leak, however, if this is in a loop where the arrays grow in size and are split you may run out of memory. If you are managing a large data set in your vi you may want to read these
There is also a VI called "Array subset.vi", from what you said this may be better to use than "Split Array.vi" and not using part of it.
Give more information about your probelm if this doesn't help.
Brian