"Bending" a model

I'm trying to think of a way to "bend" a model in Unity in half.

I would like to have the ability to bend a flat model in half or quarters so that a material that's on it would bend as well.

If this isn't possible I was thinking if there is a way to "cut" the model into two separate models and connecting them together at the point where the "crease" would be.

Is this even possible or are there other ways of accomplishing it? In the end I want to bend the model and be able to change the center of gravity based on the bending, for instance if the model is bent more back, the center of gravity would adjust and the same with drag. Would I need to use multiple models to accomplish this?

Thanks in Advance.

Bending can be done via the bones of a skinned mesh. Center of gravity can be scripted.