Adolescents are increasingly living in two households, alternating between family contexts. It is timely to consider how these contexts may affect adolescent’s psychological wellbeing. We use data from the Children of Immigrants Longitudinal Survey in Four European Countries (CILS4EU), England, Germany, the Netherlands, and Sweden, including data on occurrence and extent of dual-household residency, to correlate 15 family types with adolescent’s internalizing problems, self-esteem, and life satisfaction. Analyses show that (i) adolescents in intact families exhibit better wellbeing than peers in different types of dissolved families, (ii) adolescents in reconstituted families exhibit less wellbeing than adolescents living with a single parent only, (iii) living in two households, where both parents are single or either of them is repartnered, is not associated with better wellbeing than living with a single parent only, (iv) adolescents in alternate living generally seem to do as well as their peers in intact families, but (v) there is a tendency that alternate living in a symmetrical family context, i.e., where both parents are either single or living with a new partner, is more positive for the adolescent than if one parent is in a new relationship and the other is not.