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(Option three: "half" of eternity is meaningful (and understandable) to God, but we can't understand it)

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I can understand it. Jesus spends half his time in hell, and half in heaven. He can alternate hours, years, etc. As long as he switches back and forth ad infinitum, he can spend half an eternity in each no problem.

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Right - I said this in my post edit
In general, I can't really understand "half of an eternity."