(+ of) to deprive or dispossess (somebody) of property, authority, title, etc
(+ of) to rid or free (oneself) of something oppressive
Now we will divest us both of rule, interest of territory, cares of state — Shakespeare
humorous (+ of) to relieve (oneself) of clothing
divesting herself of her out-of-door attire — Dickens
to strip (something) of an attribute, etc
to take away (property or vested rights) from somebody
to sell off (subsidiary companies) or dispose of (investments)
[alteration of devest via early French desvestir from late Latin disvestire, from dis- + vestire to clothe]