Like its predecessor The Crane Wife, an album based on a Japanese folk tale, Hazards of Love narrates a dark fable about a girl named Margaret who is ravaged by a shape-shifting animal, her lover William, a cold-blooded salacious rake, and a sinister forest queen. Guest appearances feature Shara Worden of My Brightest Diamond, Jim James, and Robyn Hitchcock. Initially conceived as the soundtrack to a theatric production, the band is now considering a tour where the album is performed in its entirety.