A model of identity formation comprising four structural dimensions (Commitment Making, Identification with Commitment, Exploration in Depth, and Exploration in Breadth) was developed through confirmatory factor analysis. In a sample of 565 emerging adults, this model provided a better fit than did alternative two- and three-dimensional models, thereby validating the unpacking of both exploration and commitment. Regression analyses indicated that Commitment Making was significantly related to family context in accordance with hypotheses. Identification with Commitment and both exploration dimensions were significantly related to adjustment and family context, again in accordance with hypotheses. Identification with Commitment was positively related to positive adjustment indicators and negatively to depressive symptoms, whereas Exploration in Breadth was positively related to depressive symptoms and substance use. Exploration in Depth, on the other hand, was positively related to academic adjustment and negatively to substance use. Implications and suggestions for future research are discussed.