Spoilers ahead for The Punisher Season 2. The Punisher's first season showed audiences that Frank Castle has a lot of reasons for the walls that he puts up around him, and proved that there is no one in Frank Castle's life that fights harder to break down those walls than Karen Page. The last we saw of Frank, he was forced to channel the violent impulses he's tried to suppress, and while we know Frank Castle will be back for the new season, there's no indication in the show's trailers that Karen Page will be in Season 2 of The Punisher to serve as a rare source of good in Frank's life.
The last fans saw of Karen, she evaded death at the hands of Bullseye in the conclusion of Season 3 of Daredevil, opening her own law firm with Matt Murdock and Foggy Nelson. There's no reason for Karen Page to throw herself back into the twisted, violent settings that Frank Castle often finds himself inhabiting, but the character's performer has already confirmed that Karen will be ensnared in his life once more in Season 2. Deborah Ann Woll posted to Instagram that The Punisher Season 2 would feature "most likely the final appearance of me playing Karen Page," which should be good news to anyone who suspected that Karen Page's storyline would come to a sudden end once it had been announced that Daredevil Season 3 was cancelled by Netflix.
However, anyone expecting Karen to play a major role in Frank's life may want to rethink their expectations. Season 2 of The Punisher starts with Frank on the run, trying to get as far away from his former life — and New York City — as possible. As such, Karen doesn't show up until late into the season, and when she does it's under dire circumstances, which is really the only type of circumstances that Frank finds himself in.
After the long-burning feud between Billy and Frank comes to a boil once again in Season 2 of The Punisher, Frank finds himself in the hospital being framed for the death of three girls. Who better to represent Frank Castle in court, then, then the only lawyer in New York City who would believe that he's not the type of person who would murder these specific people?
While sparks quickly reignite upon the two characters' reunion. Karen Page ultimately clears Frank's name, but refuses to stay by his side because, as she sees it, Frank continues to choose his life of violence, eschewing any attempt to find himself in a peaceful life like what Karen Page has where she practices law and only has to live through a few murder attempts every other year or so. He pushes her away, but for her own good.
Anyone who was holding out hope that Frank and Karen may end up together could be disappointed by the character's end, but the in world of the Marvel Universe, there's really no happier ending to a story than having a story stop being told while the character is still alive. Unless Netflix reboots Karen's character as a Marvel Universe-set legal drama, Karen's story has come to as happy an ending as one can ask for.