Party guest and husband are on parade (5,4)
I believe the answer is:
march hare
'party guest' is the definition.
(guest at the tea party in Alice in Wonderland)
'husband are on parade' is the wordplay.
'husband' becomes 'h'.
'on' says to put letters next to each other.
'parade' becomes 'march' ('march' can be a synonym of 'parade').
'h'+'are'='hare'
'hare' put after 'march' is 'MARCH HARE'.
'and' is the link.
(Other definitions for march hare that I've seen before include "Supposedly mad creature" , "character encountered by Alice" , "Ditto" , "One in Tea Party" , "seen at endless party" .)