The lifetime of risk of incarceration for men has changed drastically in recent years --especially for minority men with low levels of education-- and the periods of highest risk of incarceration also coincide closely with the peak years of childbearing and family formation. In this paper, I tie the research on incarceration and the research on family structure together by considering the changing risk of paternal incarceration across two cohorts: the cohort of children born in 1965 and 1980. By treating a child's number of years living in their parents' household as a lifetime, I consider how the risk of paternal incarceration varies across these two cohorts by age, race, and father's level of education, and discuss how rapidly rising high rates of incarceration impact family formation in the black community.