Originally, Hades (or the place of the dead) was divided into two areas - one for the wicked dead and the other for the righteous. The area for the righteous was referred to generically as hades, or sheol, and specifically as Paradise (Luke 23:43) or Abraham's Bosom (Luke 16:22). This is all referring to those whose deaths were prior to the resurrection of Christ Jesus. After Christ rose from the dead, He emptied Paradise and led those who had been awaiting His accomplishment into Heaven with Him. This, I believe, is what is referred to in Ephesians 4:8. Now when a godly person dies, they are able to go directly to Heaven with Christ, no longer having to wait in Paradise or Abraham's bosom.
The place of where the wicked are held for the day of judgment has not changed. This is generally referred to as Hades, or Hell. It is a place of suffering where fire and agony is unending and unquenchable - cp. Luke 16:23; Mark 9:43-48. However, Hell is only a temporary place of holding as those who have died outside of God's grace await the Great White Throne Judgment recorded for us in Revelation 20:11-15. At this time, those who are wicked will be raised to judgment after which they will be banished to the eternal place of condemnation called The Lake of Fire - a place designed and intended for the Devil and his angels.
I trust that this answers your questions.