When it appears upon hearing that such homestead cannot be occupied in severalty without great inconvenience to the parties interested therein or in such residue, the court may order such homestead to be transferred to such other parties and the payment of $125,000.00 to the owner thereof, or, at the option of the owner, the court may order the parties to transfer such residue to him or her and order him or her thereupon to pay such other parties the value thereof to be fixed by the court. If the case requires, the court may order a sale of the whole premises and apportion the proceeds between the parties, and the court may make such orders in the premises as are equitable. If such homestead is sold, the court may control the investment of the proceeds of the sale in a new homestead or make such disposition thereof as equity requires. (Amended 1967, No. 287 (Adj. Sess.), § 5; 1995, No. 186 (Adj. Sess.), § 24e, eff. Jan. 1, 1997; 2013, No. 194 (Adj. Sess.), § 11, eff. June 17, 2014.)