My ESV study Bible has an extended section on D&R, which it describes as "the most commonly held view among Protestants since the time of the Reformation".
I've never had much of an opinion on this subject but there's been so much discussion on this subject on-line and off, that I had to make up my own mind on it.
This is my own opinion, but the underlying principle seems to be that there is no situation in which a person would be forced to live as a single for the rest of their lives in order to be saved. That makes sense doesn't it. Why would God make man and woman and then have a situation where a God fearing person would have to live alone in order to be saved. Different, if it's voluntary.
The ESV essay argues for two acceptable grounds for divorce based on (1) Matthew 5:32 and (2) 1 Cor 7:12-14. These are (1) sexual immorality by the partner, and (2) unbelieving spouse leaves marriage. In both cases divorce and re-marriage are permissible.
Also, in case one spouse does divorce on insufficient grounds and remarries, then repents his or her sin, she or he should not be thought living in adultery as long as the couple are faithful to each other in the second marriage.
(In reference to a prior post, 'Continuing in sin' does not mean continuing in the state of sin, which we all do, but willfully and rebelliously continuing in a particular sin. Giving up the struggle.)
What is excluded, then? Basically any activity that does not respect the sanctity of marriage, what God has put together, through extra-marital affairs, sexual immorality, or "putting away" a spouse for anything other than the two grounds allowed.
Also, fighting in the marriage is sinful, as is even desiring another man or woman, or prolonged separation ... in some cases.
It seems to me that some aspects of the 2x2 policy can box someone into a state of sin with no hope for redemption. Beyond the love of Jesus; I don't think that is correct, and seems counter-intuitive. Isn't sin something we should always be able to recover from through cleansing and forgiveness?
Take a worst case. Someone has an affair, divorces their first husband, remarries, and all the while continues going to meeting. Clearly while all this goes on, that person should not take part. But if at a later point in time, that person confesses their sin, admits their wrong, feels true remorse for their actions and the hurt and sorrow caused, then, the logical thing is that the person would be able to fully partake once more. And stay in the second marriage, of course. I can't see it any other way, but I could be wrong.
The ex-spouse, the victim of the sexual immorality OTOH would have suitable grounds for divorce, and could re-marry. There is nothing to repent. (Actually, there could be, but not as a direct consequence of the divorce).