The Faraday effect, caused by a magnetic-field-induced change in the optical properties, takes place in a vast variety of systems from a single atomic layer of graphenes to huge galaxies. Currently, it plays a pivot role in many applications such as the manipulation of light and the probing of magnetic fields and materials properties. Basically, this effect causes a polarization rotation of light during its propagation along the magnetic field in a medium. Here, we report an extreme case of the Faraday effect where a linearly polarized ultrashort laser pulse splits in time into two circularly polarized pulses of opposite handedness during its propagation in a highly magnetized plasma. This offers a new degree of freedom for manipulating ultrashort and ultrahigh power laser pulses. Together with technologies of ultra-strong magnetic fields, it may pave the way for novel optical devices, such as magnetized plasma polarizers. In addition, it may offer a powerful means to measure strong magnetic fields in laser-produced plasmas.