Despite reports suggesting that there may be trouble between the couple, who got married last summer in Rhinebeck, N.Y., a friend of the family tells PEOPLE, "The happy couple are happy."
Adds the friend: "Any report suggesting there is trouble in the marriage is absolutely false."
Mezvinsky, 33, an investment banker who had been working for the Manhattan financial firm G3 Capital, recently left his job. What he plans to do next is not known, but in the meantime he is taking advantage of his time off to ski in Jackson Hole, Wyo.
Chelsea, 30, who is pursuing a PhD at New York University's Wagner School of Public Service, is visiting him there when she can.
A rep for Chelsea declined to comment.