Translation:Does it fall here between us, or there between you?
Yes. For most purposes Hungarian uses the present tense to talk about things happening in the future. Sometimes there are indicators of the timeframe, like: "Én főzök holnap" - "I will cook tomorrow"; or the hard-to-translate majd: "Majd sikerül" - "It'll work out."
But other than instances where there's a timeframe hinted at, you can put any present-tense sentence in the future, with proper context. "Is it going to fall here..?" and "Will it fall here..?" are valid translations.
Direct translations of those sentences are pretty hard. If we're going for "Mellém állsz" - "You stand (to) beside me", I can imagine two applications right now.
Indicative, i.e. you're walking right now towards me to stand at my side. In English I'd say "You're coming to my side."
Imperative, i.e. I order you to stand by my side, for instance if we're about to take a picture. I think this would be the more common application. In English I'd say "Come stand by my side." Note, though, that this sentence doesn't use the actual imperative mood (which would be "Mellém állj" instead), so it's more of a.. firm suggestion.
That sentence doesn't really have a future feeling to me, but interpretations may vary. Also note that those English equivalents I gave are not actual (read: Duo-worthy) translations, but rather what an English-speaker would more naturally say in those situations. :)
It is definitely a tangible thing and not rain that drops/falls between us/you.
If it was rain then it would be something like "Does it rain here at us or there at you?' - 'Itt nálunk esik vagy ott nálatok?' [Or much more awkwardly: 'Itt esik miközöttünk, vagy ott (ti)közöttetek?']