running with the idea of a velvet rope, a velvet divorce is a dissolution of a relationship where you get the better end of the deal (the house, the furniture, the friends) while the other person is basically left with nothing
person 1: oh girl, i heard about you and john, are you ok?
person 2: absolutely! it was a velvet divorce. the house is mine and he's moving into some little apartment next week.
person 1: alright girl, work it