1. DL will cancel the reservations when you no show for a segment. Whether the ticket retains any value depends on the specific A or P fare which you purchased. Check the fare conditions for an accurate answer or call DL.
2. Since you are on two tickets, your wife will remain unaffected by your actions.
3. As noted earlier, if business prevents you from taking a scheduled leisure trip, most businesses will reimburse or otherwise cover the financial costs incurred by the employee.