This study aimed to formulate and test a thorough and comprehensive model that explains how irrational beliefs and dysfunctional emotions of partners affect marital adjustment. Unlike previous research that examined the direct association of irrational cognitions and marital disturbance, we hypothesized that emotions—anger, depression, and anxiety—have a mediatory role in the relationship between irrational cognitions and marital adjustment of both partners. We also hypothesized that dysfunctional emotions of one partner affect the perceived marital adjustment of the other partner. The model was tested on nonclinical sample of 100 couples (N = 200). The results of structural equation modeling support the model. We found that irrational beliefs lead to dysfunctional emotions, which further affect the perceived marital adjustment of both partners. However, on examining the partners’ mutual effect, it was found that only dysfunctional emotions of the males affect females’ perceived marital adjustment but not vice versa.