After their respective lovers, Elaine Brandon and Aubrey, jilt them to marry wealthier suitors, Steve Porter and Mary Brown meet and become close friends. Although they are still in love with their former flames, Steve, a New York sports reporter, and Mary, a shop owner, decide to marry, agreeing to an "open" arrangement. Consequently, when Steve learns that Elaine is divorcing her rich English husband, he makes plans to leave for London and rejoin her, but then finds out that Mary is pregnant and that Jeff, his editor, has fired him. Still true to their marital agreement, Mary encourages Steve to go to Elaine, but he dutifully remains to take care of their baby girl. On the morning of their second wedding anniversary, however, Steve receives word from Elaine that she is in town and wants to see him. While Steve is having his hair cut in anticipation of meeting Elaine, Mary is called on by Aubrey, a classical pianist who has just deserted his unhappy marriage. Sure that the other mate wants to end the marriage, both Steve and Mary arrange to leave New York with their would-be lovers. Before either one can go through with the separation, however, each one, realizing not only their love for their child, but their love and need for each other, returns home.