Hot forming as a coupled thermo-mechanical process comprises of numerous material phenomena with a corresponding impact on the material behavior during and after the forming process. Within the subsequent heat treatment, possible rapid cooling of the hot formed parts leads to the diffusionless decomposition of austenite into martensite. In this context, in addition to the elastic, plastic and linear thermal strain components, complex isotropic as well as anisotropic transformation strains can occur. Irreversible anisotropic transformation strains account for the plastic deformation at the phase boundary between the emerging and the parent phase and are related to the transformation induced plasticity (TRIP or TP) phenomena. Moreover, TRIP strains can be reduced or amplified by varying the current stress state. These phenomena significantly contribute to the final residual stress state and may be responsible for the cost-intensive component defects arising due to thermal shrinkage. This study aims at developing an FE-based material model in order to describe and quantitatively visualize stress dependence of the transformation induced anisotropic strains for a typical forging steel 42CrMo4. The developed material model as well as the aspects of its implementation in a commercial FE-system (Simufact.forming) is presented. Consequently, the discussed material model is tested by comparison of experimental and numerical results with respect to resulting dilatation under various stress states.