Ephesians 4

As the Savior began to organize His Church in the Americas, after He -

"...had spoken these words unto Nephi, and to those who had been called, (now the number of them who had been called, and received power and authority to baptize, was twelve) and behold, he stretched forth his hand unto the multitude, and cried unto them, saying: Blessed are ye if ye shall give heed unto the words of these twelve whom I have chosen from among you to minister unto you, and to be your servants..."  (Book of Mormon | 3 Nephi 12:1)

Obviously, He began to organize His Church first by calling twelve (apostles) and gave them priesthood power and authority.  He tells the people that they are to follow them.  It becomes clear that under their administration that the Church by priesthood keys was to administer essential priesthood ordinances and covennants as He speaks of baptism and the Gift fo the Holy Ghost.

As Paul writes the Ephesians, in my mind he teaches the priesthood and its relationship in the Church and in the home.  First concerning the Church, members of the Church or the "body" of Christ he writes -

"There is one body..."  (New Testament | Ephesians 4:4)

...and of the body, the Savior -

"....gave some, apostles; and some, prophets; and some, evangelists; and some, pastors and teachers..."  (New Testament | Ephesians 4:11)

For this purpose to teaching and administering the ordiances and covenants of the priesthood -

"For the perfecting of the saints, for the work of the ministry, for the edifying of the body of Christ:
13 Till we all come in the unity of the faith, and of the knowledge of the Son of God, unto a perfect man, unto the measure of the stature of the fulness of Christ..."  (New Testament | Ephesians 4:12 - 13)

That is that through the grace of Christ we may become "joint heirs".  This one body or one Church that is overseen by authorized priesthood leaders was given -

"That we henceforth be no more children, tossed to and fro, and carried about with every wind of doctrine, by the sleight of men, and cunning craftiness, whereby they lie in wait to deceive;
15 But speaking the truth in love, may grow up into him in all things, which is the head, even Christ:
16 From whom the whole body fitly joined together and compacted by that which every joint supplieth, according to the effectual working in the measure of every part, maketh increase of the body unto the edifying of itself in love."  (New Testament | Ephesians 4:14 - 16)

Paul continues to teach how the body of Christ is to live in order to receive the Savior's greatest blessings.  Paul then turns to the family organization and its relationship to the priesthood he teaches beginning with -

"Wives, submit yourselves unto your own husbands, as unto the Lord.
23 For the husband is the head of the wife, even as Christ is the head of the church: and he is the saviour of the body.
24 Therefore as the church is subject unto Christ, so let the wives be to their own husbands in every thing."  (New Testament | Ephesians 5:22 - 24)

If Christians were to read those three scriptures only, like many other verses in the scriptures, they would be greatly misread or the teaching grossly misunderstood.  To explain himself, Paul continues -

"Husbands, love your wives, even as Christ also loved the church, and gave himself for it;
26 That he might sanctify and cleanse it with the washing of water by the word,
27 That he might present it to himself a glorious church, not having spot, or wrinkle, or any such thing; but that it should be holy and without blemish.
28 So ought men to love their wives as their own bodies. He that loveth his wife loveth himself.
29 For no man ever yet hated his own flesh; but nourisheth and cherisheth it, even as the Lord the church:
30 For we are members of his body, of his flesh, and of his bones."  )New Testament | Ephesians 5:25 - 30)

The condition for wives to submit to husbands is conditioned upon the manner the husbands love them as Christ loves.  That is a very very high standard.  "The Family: A Proclamtion to the World" states -

“By divine design, fathers are to preside over their families in love and righteousness and are responsible to provide the necessities of life and protection of their families.”

Paul even continues -

"For this cause shall a man leave his father and mother, and shall be joined unto his wife, and they two shall be one flesh.
32 This is a great mystery: but I speak concerning Christ and the church.
33 Nevertheless let every one of you in particular so love his wife even as himself; and the wife see that she reverence her husband."  (New Testament | Ephesians 5:31 - 33)

"One flesh" suggests that husband and wife become one in everything.  This teaches that in relationship with the priesthood, though the man receives the ordination, it as used and administered together.  President Boyd K. Packer said -

“There is a difference in the way the priesthood functions in the home as compared to the way it functions in the Church.… In the Church there is a distinct line of authority.… In the home it is a partnership with husband and wife equally yoked together, sharing in decisions, always working together.” ( “The Relief Society,” April 1998 General Conference.)

Since husband and wive both administer priesthood power, the Lord admonished -

"...the rights of the priesthood are inseparably connected with the powers of heaven, and that the powers of heaven cannot be controlled nor handled only upon the principles of righteousness.
37 That they may be conferred upon us, it is true; but when we undertake to cover our sins, or to gratify our pride, our vain ambition, or to exercise control or dominion or compulsion upon the souls of the children of men, in any degree of unrighteousness, behold, the heavens withdraw themselves; the Spirit of the Lord is grieved; and when it is withdrawn, Amen to the priesthood or the authority of that man.  (Doctrine and Covenants | Section 121:36 - 37)

Thus -

"No power or influence can or ought to be maintained by virtue of the priesthood, only by persuasion, by long-suffering, by gentleness and meekness, and by love unfeigned;
42 By kindness, and pure knowledge, which shall greatly enlarge the soul without hypocrisy, and without guile—
43 Reproving betimes with sharpness, when moved upon by the Holy Ghost; and then showing forth afterwards an increase of love toward him whom thou hast reproved, lest he esteem thee to be his enemy..."  (Doctrine and Covenants | Section 121:41 - 43)

Thus husband and wives are equal.  But as in all things, it is chaos unless someone is ultimately responsible, thus the husband presides which means as the Savior instructed the apostles in the Americas, preside means to be the servant.

I would like to add some quotes just for my own reference.  President James E. Faust said  -

“Nowhere does the doctrine of this Church declare that men are superior to women.” (In Conference Report, April 1988, p. 43)

He also said -

“Every father is to his family a patriarch and every mother a matriarch as coequals in their distinctive parental roles” (“ The Prophetic Voice,” April 1996 General Conference)