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Navigating Change: Financial Insights for Divorced Employees of Huntsman

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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 Huntsman 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 Huntsman 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 Huntsman 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 Huntsman employees understanding a few key concepts, they may be able to avoid making costly financial mistakes.

Average Interest Rate

Chart Source: Familyinequality.com, 2019

1. The Wall Street Journal, 2019

What is the Huntsman 401(k) Savings Plan?

The Huntsman 401(k) Savings Plan is a retirement savings plan that allows employees of Huntsman to save a portion of their paycheck before taxes are taken out.

How can I enroll in the Huntsman 401(k) Savings Plan?

Employees can enroll in the Huntsman 401(k) Savings Plan by visiting the company's benefits portal and completing the enrollment process online.

What is the employer match for the Huntsman 401(k) Savings Plan?

Huntsman offers a competitive employer match for contributions made to the 401(k) Savings Plan, which helps employees maximize their retirement savings.

At what age can I start contributing to the Huntsman 401(k) Savings Plan?

Employees can start contributing to the Huntsman 401(k) Savings Plan as soon as they are eligible, typically upon their date of hire.

What types of contributions can I make to the Huntsman 401(k) Savings Plan?

Huntsman allows employees to make pre-tax contributions, Roth (after-tax) contributions, and catch-up contributions if they are age 50 or older.

How often can I change my contribution percentage for the Huntsman 401(k) Savings Plan?

Employees can change their contribution percentage for the Huntsman 401(k) Savings Plan at any time, typically through the benefits portal.

Does Huntsman offer investment options within the 401(k) Savings Plan?

Yes, the Huntsman 401(k) Savings Plan offers a variety of investment options, including mutual funds, stocks, and bonds, to help employees grow their savings.

What happens to my Huntsman 401(k) Savings Plan if I leave the company?

If you leave Huntsman, you have several options for your 401(k) Savings Plan, including rolling it over to an IRA or a new employer's plan, or cashing it out.

Can I take a loan against my Huntsman 401(k) Savings Plan?

Yes, Huntsman allows employees to take loans against their 401(k) Savings Plan, subject to certain terms and conditions.

Are there penalties for early withdrawal from the Huntsman 401(k) Savings Plan?

Yes, early withdrawals from the Huntsman 401(k) Savings Plan may incur penalties and taxes unless specific conditions are met.

With the current political climate we are in it is important to keep up with current news and remain knowledgeable about your benefits.

“Huntsman Pension Plan.” Years of Service: Employees generally need to have at least 5 years of service to be vested in the plan. Age Qualification: Employees typically need to reach the age of 55 to begin receiving benefits, though specific conditions may apply. Pension Formula: The pension formula often depends on a combination of years of service and final average salary. Specific details are outlined in the plan documents. 401(k) Plan Name: The 401(k) plan is known as the “Huntsman 401(k) Plan.” Eligibility: Employees are eligible to participate in the 401(k) plan once they complete 30 days of service. Plan Features: Includes employer matching contributions up to a certain percentage of employee contributions, and a range of investment options.

Restructuring and Layoffs: In early 2024, Huntsman Corporation announced a restructuring initiative aimed at streamlining operations and improving efficiency. This included layoffs primarily in their manufacturing and administrative divisions. The company cited ongoing economic uncertainty and a need to adapt to shifting market demands as reasons for these changes. Addressing this news is crucial due to the current economic volatility and its impact on employment and corporate strategies. Understanding these shifts can help employees and investors navigate the uncertain landscape and make informed decisions.

Huntsman Corporation offered stock options and RSUs as part of their equity compensation plan. Stock options are typically granted to executives and key employees, while RSUs are often given to senior management and other key contributors.

Healthcare Benefits Overview: Huntsman provides a comprehensive benefits package, including medical, dental, and vision insurance. Their plans include options for preventive care, prescription drug coverage, and access to various healthcare networks. Healthcare Terms and Acronyms: HDHP: High Deductible Health Plan HSA: Health Savings Account FSA: Flexible Spending Account EAP: Employee Assistance Program