Decomposing a large text file, with alternating headers and text, into an array of headers and an array of text segments

Question

I have a very large text file, test.txt, in the following format:

(Same specific character or word like '^' or '*') Title 1 (end-of-line)

Text 1 (with paragraphs markers, end-of-line markers spaces, all kinds of stuff)

(Same specific character or word like '^' or '*') Title 2 (end-of-line)

Text 2 (with paragraphs markers, spaces, all kinds of stuff)

(Same specific character or word like '^' or '*') Title 3 (end-of-line)

Text 3 (with paragraphs markers, spaces, all kinds of stuff)

...

I'd like to make two arrays, one corresponding to the strings { "Title 1", "Title 2", "Title 3", ...}, and the other corresponding to the strings { "Text 1", "Text 2", "Text 3", ...}.
Is there a simple one-liner to do this?

Here's a specific test example.

Here each line starting with ^ should be a "Title" (of which there are three), and the material between the ^ corresponds to "Text" (of which there are three sections). Notice that ^ only appears as the first character in the "Title" string, and that each title is finished with an end-of-line, and finally that each "Text" section can consist of multiple lines of strings.

Answer 1

How about using StringSplit?

text = Import["http://pastebin.com/raw.php?i=r3W9pN2L", "Text"];
StringTrim /@ 
  StringSplit[text, StartOfLine ~~ "^" ~~ Shortest[title__] ~~ EndOfLine :> title]

Answer 2

input = StringSplit[#, "\n"] & /@ 
  StringSplit[Import["c:\\Users\\Rasher\\Documents\\testtext.txt"], "^"]

title = input[[All, 1]]
text = input[[All, 2 ;;]]

Titles in titles, obviously, with indicator stripped. Text in corresponding text element, as a list with each line of text an element.