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Should have a black and a red which are both Hot form seperate sides of the panel, a white which in neuteral tied to a neuteral bar in the panel and a bare or green wire that is tied to the ground bar in the panel. If it were me I would go back to the panel and run a new circuit rather then split a 220 line because you could overload one leg of the 220 and the breaker may not trip. Typically a 220 circuit is higher amperage (30+) than what you would have on a 110 (15 or 20) which means the circuit isn't properly protected.
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