Divergent plate boundaries occur when tectonic plates move apart, leading to the formation of new oceanic crust as magma rises from the mantle and solidifies. Oceanic-oceanic and continental-continental divergent boundaries create geological features such as oceanic ridges and rift valleys, exemplified by the Mid-Atlantic Ridge and the Red Sea, respectively. This process is ongoing and is characterized by seafloor spreading and potential shallow earthquakes as the plates separate.