Cross-sectional studies show that adults who grew up in conflict-ridden two-parent families or who experienced parental divorce report lower levels of psychological and marital well-being than do other adults. However, previous research has been unable to determine how parental marital conflict, divorce, and children's long-term outcomes are related. Using a 12-year longitudinal study, we find that the consequences of parental divorce depend on parental marital conflict prior to divorce. In high-conflict families, children have higher levels of well-being as young adults if their parents divorced than if they stayed together. But in low-conflict families, children have higher levels of well-being if their parents stayed together than if they divorced. In marriages that do not end in divorce, parental marital conflict is negatively associated with the well-being of offspring.