Let $a$ be the length of the smaller piece from the first break, and $b$ be the length of the leftmost piece from the second break. A triangle is formed if $\frac12-a < b < \frac12$.
By Heron's formula, the area of that triangle is
$$
\sqrt{\frac12\left(\frac12 - a\right)\left(\frac12-b\right)\left(\frac12-(1-a-b)\right)}
$$
and so for a fixed $a$, the average value of the area is
$$
\frac1{\frac12-(\frac12-a)}\int_{\frac12-a}^{\frac12}\sqrt{\frac12\left(\frac12 - a\right)\left(\frac12-b\right)\left(\frac12-(1-a-b)\right)}\,\text{d}b.
$$
This looks messy, but before even integrating, we can simplify this into
$$
\frac1a \sqrt{\tfrac12(\tfrac12-a)} \int_{\frac12-a}^{\frac12} \sqrt{\left(\frac12-b\right)\left(\frac12-(1-a-b)\right)}\,\text{d}b
$$
and after substituting $t = a + b - \frac12$, into
$$
\frac1a \sqrt{\tfrac12(\tfrac12-a)} \int_0^a \sqrt{t(a-t)}\,\text{d}t.
$$
The region between the $t$-axis and the graph of $\sqrt{t(a-t)} = \sqrt{(\frac a2)^2 - (\frac a2-t)^2}$ is a semicircle with radius $\frac a2$ centered at $(\frac a2, 0)$, so its area is $\frac12 \pi (\frac a2)^2$, and the expression above simplifies to $\frac\pi 8 a \sqrt{\frac12(\frac12-a)}$.
Now we integrate with respect to $a$ (and divide by $\frac12$) to take the average: our final answer will be
$$
2\int_0^{1/2}\frac\pi 8 a \sqrt{\tfrac12(\tfrac12-a)}\,\text{d}a.
$$
A substitution of $u = \frac12-a$ reduces this to integrating $u^{1/2}$ and $u^{3/2}$, and the whole thing simplifies to $\frac{\pi}{120}$.