We conducted the first experimental tests of the impact of men's access to paid parental leave on anticipated well‐being among heterosexual men and women in the United States. Participants read a news article reporting that paid paternity leave was either likely or unlikely in the United States in the near future, completed a future life‐brainstorming task designed to make this scenario more salient, and reported anticipated outcomes pertaining to well‐being (predicted relationship satisfaction, positive and negative emotions, and life satisfaction). Results from an online sample (Experiment 1, N = 694) revealed that both men and women predicted more positive outcomes when they believed paid paternity leave would (vs. would not) exist. In contrast, results from students (Experiment 2, N = 199) revealed that women predicted better outcomes in the leave (vs. no leave) condition, while men predicted consistently positive outcomes regardless of condition. Looking at the interaction the other way, paternity leave closed a gender gap in anticipated well‐being favoring men. Exploratory analyses revealed that students anticipated increased relationship gender equality in division of labor as a result of paternity leave, but only in gender counter‐stereotypic domains (i.e., paid work outside the home for women; unpaid childcare and housework for men).