In this article we provide a theoretical and empirical evaluation of the evolution of partisan alignments in Latin America since the beginning of the Third Wave of democratization. We first point to a series of limitations of the conventional framework of partisan alignments, namely their disregard of party systems that are only partially or non-institutionalized. Second, we propose a refined framework that is more universally applicable. We then operationalize our indicators and apply our new framework to every democratic country in Latin America to generate a map of the evolution of partisan loyalties in Latin America in the period 1980–2012. Our analysis reveals that the conventional view of widespread partisan dealignment in Latin America is largely inaccurate.