A residential schedule might mean that, in effect, you live in two homes. It certainly means that your parents will have to cooperate in your best interests to make sure that school and other activities flow smoothly and that you are happy and secure in both homes. At its best, it means that you can continue to have a close, loving relationship with both parents within the setting of a family home. That depends on the agreement your parents reach, with input from you if you are old enough. It could be two weeks at one home and two weeks at the other or some other arrangement splitting a week, a month or even a longer period.
Any combination is possible.
This sort of arrangement would have to be worked out by your parents and their lawyers. It could then be presented to a judge as part of a package of arrangements decided by your parents and made part of the divorce settlement. The judge has the right to accept the package or reject those parts of it if he or she thinks are not adequate. You can see that parents must agree about a residential schedule or it simply will not work.