The third stage of labor begins with childbirth and ends with delivery of the placenta, which typically takes 15 minutes. During this stage, the placenta separates from the uterine wall in either a central or marginal pattern and descends into the lower uterine segment. It is then expelled through contractions or with assistance. Complications can occur if the placenta is not delivered promptly, so active management with oxytocin is recommended to encourage separation and contractions.