This is the phase that most cells will exist in - technically not meiosis.
During prophase I crossing over of homologous chromosome pairs occurs
This is the result of the crossing over. The homologous pairs line up along the equator of the cell (the randomness of which pair ends up on what side is called independent assortment - this also increases genetic variation)
Spindle fibres at the poles of the cell pull the homologous chromosome pairs apart.
In telophase I two diploid daughter cells are produced
In P II and M II the chromosomes again line up along the equator of the cell
During anaphase II the polar spindle fibres this time pull apart the chromosome at the centromere. This results in 2 chromatids being drawn to either end of the cell
In the final stage of meiosis the cells reform producing 4 daughter cells which are haploid as they contain half the number of chromosomes as the original organism. These daughter cells are gametes