It is well-established that maternal depression is significantly related to internalizing and externalizing behavioral problems and psychopathology in general. However, research suggests maternal depression does not account for all the variance of these outcomes and that other family contextual factors should be investigated. The role of fathers beyond their simple presence or absence is one factor that needs to be further investigated in the context of maternal depression. The proposed study used prospective and cross-sectional analyses to examine father effects (i.e., paternal depression, alcohol use, involvement, and familism) on youth internalizing and externalizing symptoms within the context of maternal depression. The sample consisted of 405 Mexican-American families who had a student in middle school. Data were collected when the students were in 7th and 10th grade. Results from path analyses revealed that maternal depression significantly predicted concurrent youth internalizing symptoms in 7th and 10th grade and externalizing symptoms in 10th grade. In contrast, paternal depression was not related to adolescent symptomatology at either time point, nor was paternal alcoholism, and analyses failed to support moderating effects for any of the paternal variables. However, paternal involvement (father-report) uniquely predicted youth internalizing and externalizing symptoms over and above maternal depression in 7th grade. Youth report of paternal involvement uniquely predicted both internalizing and externalizing in 7th and 10th grade. Paternal familism uniquely predicted youth externalizing symptoms in 7th grade. The present findings support that maternal depression, but not paternal depression, is associated with concurrent levels of youth symptomatology in adolescence. The study did not support that fathers adjustment moderated (exacerbate or buffer) maternal depression effects. However, paternal involvement and paternal familism showed compensatory effects on youth symptomatology in concurrent analyses.