Jerry Corbett, Fredric March, a Chicago reporter and self-styled playwright, meets heiress Joan Prentice, Sylvia Sidney, at a party and they begin dating. Jerry, despite his dim economic prospects and his struggle with alcohol, proposes to Joan, who accepts the marriage proposal against the objections of her father, George Irving. The engagement party soon arrives, but Jerry succumbs to heavy drinking right before it, nearly spoiling everything; nevertheless, Joan stands by him and chooses to believe in a future together.
As the couple pursues their dream of a life together, Jerry writes plays that are rejected, and he battles his addiction with varying degrees of success. He eventually sells one play, and the pair travel to New York to see the production bring their hopes to life. The production’s star turns out to be Jerry’s former girlfriend, Claire Hampstead, and on the premiere night he drinks again, becomes intoxicated, and mistakes Joan for Claire. Yet Joan remains steadfast in her support, refusing to abandon him when the night spirals out of control.
When Joan catches Jerry attempting to sneak out to Claire one night, she kicks him out of their home, and on the following day she reveals that they will pursue a “modern marriage”—one in which she intends to have affairs herself. The relationship fractures, and Jerry is last seen toasting with Claire in a moment that seems to celebrate a reckless freedom. > Merrily we go to hell
In contrast, Joan forges ahead with a sense of independence, and she moves forward with her life. Yet the bond between them lingers, and the couple’s dynamic shifts as time passes. Joan becomes pregnant and learns from her doctor that her health is fragile, complicating their already fragile arrangement. She tries to tell Jerry, but his attention remains fixated on Claire, and Joan decides to move on in search of stability and healing. Meanwhile, Jerry’s career falters as he struggles to write a successful follow-up play, and he comes to realize that his love for Joan is stronger than his pride.
Eventually, Jerry decides to change course. He vows to sobriety, returns to Chicago, and resumes work as a reporter, though Joan’s father keeps them apart for the time being. A twist of fate arrives when a gossip columnist reveals that Joan has given birth. Jerry rushes to the hospital to see her, only to be told by her father that the baby died two hours after birth and that Joan is gravely ill, wishing never to see him again. Yet, against all odds, Jerry finds a way into Joan’s room. As she endures pain and begs for him, he discovers that she has been pleading to see him all along. In a quiet, tender moment, a remorseful Jerry pledges his love and they share a kiss, seeking a chance at reconciliation and the life they once hoped to build together.