The physics engine is only a tool to reach your goal, but you have to plan how to use it well.
If you want a small ball like object to fly a ballistic path and split into 3 parts after it touches the ground the first time, you can use the physics engine to help you a bit.
You can add some dust particles if your object hits the ground and play a sound to make it more realistic.
If of of the 3 parts hits a wall, you can create some damage at the wall and again use some particle to simulate dust/dry paint to fall down.
If one of the 3 parts hits a tree, you would have other marks - the bark would be destroyed - no falling dry paint...

Now that you have the plan, you could try to get the result using different physics effects applied to different objects in different situations. and if it does not look impressive? Start to think about a way to fake it... You might think about a pre animated object, if there is no other way to get the effect you want.