Less occupied with identity, Lear loses Cordelia, finally (5)
I believe the answer is:
idler
'less occupied' is the definition.
'identity lear loses cordelia finally' is the wordplay.
I cannot really see how this works, but
'identity' could be 'id' (I've seen this in other clues) and 'id' is located in the answer.
This explanation may well be incorrect...
'with' acts as a link.
(Other definitions for idler that I've seen before include "stationary car perhaps?" , "Long doleful cry" , "Bum" , "Layabout; ship crewman not on watch" , "Time waster" .)