Yes. Select the object and select unjoin from the arrange menu (shortcut: Shift-Command-B). The object will now be broken up into its component lines.
NOTE: Since all the lines are selected, and the handles overlap each other, it will appear as though you have deselected the object. Click elsewhere in the document, reselect one side of the object and move it. If the polygon has been unjoined, just the line that you have selected will move. This can also be known as Super Ungroup or Smash.