Good question! 2 Corinthians 5:6-8 says this:
QUOTE:
Therefore we are always confident and know that as long as we are at home in the body we are away from the Lord. We live by faith, not by sight. We are confident, I say, and would prefer to be away from the body and at home with the Lord.
SHORT ANSWER: If you're in the body, you're here on earth. If you're absent from the body, you're in either heaven or hell. And you're right, Judgment Day comes a lot later.
LONG ANSWER: It's my understanding of scripture is that neither hell nor heaven are permanent eternal places of existence. They're both temporary. Without getting into a detailed full-blow theological explanation, here's a summary what I believe scripture indicates as the progression of events:
1. You live on earth.
2. You die.
3. Your soul goes to immediately to heaven or hell and your body is buried.
4. The Rapture occurs. If you're still alive at that point, you go straight to heaven in your physical body. If you're dead, your physical body is raised from the dead. Either way, sin is removed from your physical body and it's made perfect and whole and reunited to your soul.
5. You dwell in either heaven or hell until the Lord comes back to earth at the end of a 7-year Tribulation period.
6. The Lord cleans up the mess and establishes His eternal kingdom on a new earth for 1,000 years. Satan is bound and we rule with Christ here on earth, but sin is not yet removed.
7. At the end of the 1,000 years, God releases Satan and his demons for one last final battle and God crushes him. and sends him to the Lake of Fire.
8. Then comes Judgment Day, when every man is judged according to his deeds. We're either permitted into God's eternal kingdom here on earth or we're cast into the Lake of Fire. Scripture indicates that even Hell will be cast into the Lake of Fire.
9. Earth is finally restored to the way God originally intended back in the Garden of Eden: God rules and we enjoy an awesome personal relationship together in a perfect sinless world, except this time sin cannot re-enter.
So, in the eternal scheme of things, eternity is spent either here on earth reigning with God or in the Lake of Fire.
I know that's a LOT of theology and probably leaves you with tons of questions and things that don't make sense. Theologians spend their entire lives studying this kind of stuff. There's many different positions and viewpoints on all this, and I think even the Covenant's official view is different from mine. Theologically speaking, my viewpoint is the position called "pretribulation, premillennialism" view from a "dispensational hermeneutic," in case you wanna Google it for more info.
The important thing really isn't to figure all this out and argue about who's viewpoint is right and who's is wrong because no one really knows for sure. We'll all find out together one day when it all starts to unfold and then no one will care who was right and wrong anyway. The important thing is that we live for Christ TODAY, serving Him wholeheartedly our entire lives and develop a personal relationship with our Creator.