Piecing together the (admitedly limited) biblical data on the intermediate state, Michael Bird proposes the following:

1. Prior to Christ’s ascension, all who died went to Sheol/Hades, which was divided into two parts, one compartment for the wicked and another compartment for the righteous.

2. After Christ’s descent to Sheol/Hades and with his ascension, Christ took with him into heaven all of the saints in the paradisal part of Sheol/Hades, while the wicked remain in Sheol/Hades waiting for judgment.

3. Upon death, new covenant believers go to be with Christ in heaven ahead of the general resurrection, while the wicked descend to Sheol/Hades waiting for judgment.

4. Eventually Sheol/Hades will be thrown into hell and all believers will share in the new heavens and new earth.

Diagramatically:

Bird, M. (2020) Evangelical Theology, Second Edition.  Zondervan Academic.