Remove the space at the start of the line, then replace any space followed by something other than a colon or backslash with space-backslash-newline-char sequence:
Using GNU sed:
sed -E 's/^ //; s/ ([^:\\])/ \\\
\1/g'
Remove the space at the start of the line, then replace any space followed by something other than a colon or backslash with space-backslash-newline-char sequence:
Using GNU sed:
sed -E 's/^ //; s/ ([^:\\])/ \\\
\1/g'