Definitions of divest:

• verb:   reduce or dispose of; cease to hold (an investment)

  Example: "The company decided to divest"

• verb:   deprive of status or authority

  Example: "He was divested of his rights and his title"

• verb:   take away possessions from someone
• verb:   remove (someone's or one's own) clothes

  Example: "She divested herself of her outdoor clothes"