Hanchett served in the American Civil War with the 49th New York Infantry Regiment from 1861 to the end of the conflict.
In January 1865, Hanchett settled in Bremer County, Iowa, where he became a merchant.
Between 1882 and 1884, Hanchett was a Republican member of the Iowa House of Representatives for District 61.
He returned to the state legislature after winning the 1887 Iowa Senate election as an independent candidate from District 39.
Hanchett completed his Iowa Senate term in January 1892 and died on 12 May 1892.