On the basis of 16 years of spectroscopic observations of the four components of the gravitationally lensed broad absorption line (BAL) quasar H1413+117, covering the ultraviolet to visible rest-frame spectral range, we analyze the spectral differences observed in the P Cygni-type line profiles and have used the microlensing effect to derive new clues to the BAL profile formation. We first find that the absorption gradually decreases with time in all components and that this intrinsic variation is accompanied by a decrease in the intensity of the emission. We confirm that the spectral differences observed in component D can be attributed to a microlensing effect lasting at least a decade. We show that microlensing magnifies the continuum source in image D, leaving the emission line region essentially unaffected. We interpret the differences seen in the absorption profiles of component D as the result of an emission line superimposed onto a nearly black absorption profile. We also find that the continuum source and a part of the broad emission line region are likely de-magnified in component C, while components A and B are not affected by microlensing. Differential dust extinction is measured between the A and B lines of sight. We show that microlensing of the continuum source in component D has a chromatic dependence compatible with the thermal continuum emission of a standard Shakura-Sunyaev accretion disk. Using a simple decomposition method to separate the part of the line profiles affected by microlensing and coming from a compact region from the part unaffected by this effect and coming from a larger region, we disentangle the true absorption line profiles from the true emission line profiles. The extracted emission line profiles appear double-peaked, suggesting that the emission is occulted by a strong absorber, narrower in velocity than the full absorption profile, and emitting little by itself. We propose that the outflow around H1413+117 is constituted by a high-velocity polar flow and a denser, lower velocity disk seen nearly edge-on. Finally, we report on the first ground-based polarimetric measurements of the four components of H1413+117.