Live with wife in valley (5)
I believe the answer is:
dwell
'live' is the definition.
(to live/dwell somewhere)
'wife in valley' is the wordplay.
'wife' becomes 'w' (abbreviation).
'in' is an insertion indicator.
'valley' becomes 'dell' (dell is a kind of valley).
'w' put inside 'dell' is 'DWELL'.
'with' acts as a link.
(Other definitions for dwell that I've seen before include "stay" , "Think moodily (on something)" , "Reside - linger" , "Settle" , "Harp" .)