Navigating Change: Financial Insights for Divorced Employees of Hess

Healthcare Provider Update: Healthcare Provider for Hess: For employees of Hess Corporation, the primary healthcare provider is UnitedHealthcare. This partnership allows Hess employees access to a comprehensive range of health services geared towards providing robust healthcare support. Potential Healthcare Cost Increases in 2026: In 2026, healthcare costs are anticipated to surge significantly for Hess employees due to a perfect storm of factors affecting the healthcare market. Record premium hikes in the Affordable Care Act (ACA) marketplace are expected, with some enrollees facing increases of over 75% if enhanced federal subsidies expire. Insurers are also projecting a sharp rise in medical costs, prompted by inflation and increased demand for services. This scenario could substantially impact out-of-pocket expenses for many employees, necessitating strategic planning and proactive healthcare management in the coming months. Click here to learn more

The latest research suggests that divorce rates in the U.S. have been falling in recent decades. Still, many people face the difficult crossroads that comes when their marriage ends.

Getting a divorce is a painful, emotional process. Don’t be in such a hurry to reach a settlement that you make poor decisions that can have life-long consequences. For any of our Hess clients who may possibly have to have a divorce, here are a few financial ideas that may help you prepare.

The most important task these Hess employees can do is to get their finances organized. Identify all your assets and make copies of important financial papers, such as deeds, tax returns, and investment records. When it comes to dividing up your assets, consider mediation as a low-cost alternative to litigation. Most states have equitable-distribution laws that require shared assets to be divided 50/50 anyway. When a divorce becomes contentious, attorney’s fees can accumulate.

From a financial perspective, divorce means taking all the income previously used to run one household and stretching it out over two residences, two utility bills, two grocery lists, etc. There are other hidden costs as well, such as counseling for you or your children. Divorces also may require incurring one-time fees, such as a security deposit on a rental property, moving costs, or increased child-care.

Finally, dividing assets may sound simple but it can be quite complex. The forced sale of a home or investment portfolio may have tax consequences. Potential tax liability also can make two seemingly equal assets have varying net values. Additionally, when pulling apart a portfolio, it makes sense to consider how each asset will suit the prospective recipient in terms of risk tolerance and liquidity.

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We'd like our Hess clients to remember, the information in this article is not intended as tax or legal advice. Please consult legal or tax professionals for specific information regarding your individual situation.

During a divorce, many factors are competing for attention. By these Hess employees understanding a few key concepts, they may be able to avoid making costly financial mistakes.

1. The Wall Street Journal, 2019