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At the firm I work for, we always use "dispose of".
di·vest ( P ) Pronunciation Key (d-vst, d-)
tr.v. di·vest·ed, di·vest·ing, di·vests
To strip, as of clothes.
To deprive, as of rights or property; dispossess.
To free of; rid: “Most secretive of men, let him at last divest himself of secrets, both his and ours” (Brendan Gill).
To sell off or otherwise dispose of (a subsidiary company or an investment).
Law. To devest.