Past research highlights the importance of considering the sequelae of physical abuse in the context of other risk factors and possible exacerbating circumstances. The present research examines the relative, unique, and interactive effects of physical abuse, sociocultural disadvantage, and cumulative negative life events. Multiple measures and data sources were used to assess the socioeconomic circumstances, exposure to recent negative events, and social, cognitive, and affective adjustment of 19 physically abused and 49 nonabused elementary school-age children. Results indicated that abuse strongly independently predicted problems in children's adjustment with peers, self-perceptions, and depression. Abuse was also related to increased behavioral problems at home and at school, though this relation abated and even reversed itself as social disadvantage increased. Cumulative negative events independently predicted negative self-perceptions and, for girls, increased depression. Socioeconomic hardship was independently related to children's cognitive maturity. In addition, socioeconomic disadvantage qualified the relation between negative events and children's adjustment to peers, such that increased negative events were related to lower peer adjustment among less disadvantaged children but increased peer adjustment of children with more disadvantage. These results support calls for a more contextualized approach to examining the developmental outcomes of physical abuse, one that considers multiple risk factors simultaneously.