HUF after Divorce

Yes. It will be possible to continue HUF as the basic nature of HUF is derived from Hindu Succession Law whereby HUF is an entity to hold joint family property.

In case of divorce, the family still continues to hold good in law without the wife. In such cases a supplementary deed is to be attached to the main deed of HUF stating the name of coparceners.
Release deed can be made to show exit of the wife from family but it is not mandatory as after the divorce she won't be recognized as member of family as per law.