So after a few weeks of digging for info on the print I believe I just found an explanation. The short version is:
Gorozo is a samurai that needs to pay a debt for his ex-lord and has no idea how to get the money. He needs to support his former lord because it is dishonorable not to help him. The Lord racked up the debt paying for the company of a courtesan, whom he falls in love with.
Gorozo's wife is later confronted by Hoshikage Doemon, another samurai who is Gorozo's enemy and has long been in love with her. Doemon offers to completely pay off the debt, but forces her to divorce Gorozo to be with him before he does so. When she tells Gorozo she has to divorce him(she is sacrificing herself so her husband can maintain his honor. she plans to kill herself once the debt is paid, but does not tell Gorozo this) he is furious.
Gorozo later hides and waits for Doemon and his wife walking together and he attacks them with his sword. Doemon disappears by magic but he cuts the head of the woman off. Gorozo then finds out the woman was not his wife, but was in fact his former lord's lover. Later, when Gorozo realizes his wife's intention to kill herself for his honor, the two of them commit suicide together while tearing up the letter confirming their divorce.
So, the print is depicting the scene where Gorozo attacks Doemon and his ex-lord's lover. You see the woman's severed head on Gorozo's waist and the shadow figure is Doemon, magically dissolving into a shadow so he can escape.