Model-based planning in robotic domains is challenged by the hybrid nature of physical dynamics, where continuous motion is punctuated by discrete events such as contacts and impacts. Conventional latent world models typically employ monolithic neural networks that enforce global continuity, which over-smooths distinct dynamic modes (e.g., sticking vs. sliding, flight vs. stance). For a planner, this smoothing results in compounding errors during long-horizon lookaheads, rendering the search process unreliable at physical boundaries. To address this, we introduce the Prismatic World Model (PRISM-WM), a structured architecture designed to decompose complex hybrid dynamics into composable primitives. PRISM-WM uses a context-aware Mixture-of-Experts (MoE) framework where a gating mechanism implicitly identifies the current physical mode, and specialized experts predict the associated transition dynamics. We further introduce a latent orthogonalization objective to ensure expert diversity, preventing mode collapse. By modeling the mode transitions in system dynamics, PRISM-WM reduces rollout drift. Experiments on continuous control benchmarks, including high-dimensional humanoids and multi-task settings, demonstrate that PRISM-WM provides a high-fidelity substrate for trajectory optimization algorithms (e.g., TD-MPC), indicating its potential as a foundational model for model-based agents.