<style>
.myhover {
  width: 120px;
}
.myhover:hover p{
    color: #FED242!important;
}
</style>
<div id="divParent" class="myhover">
    <p>Some text</p>
    <p>Text text text</p>
    <div id="divChild" class="myhover">
        <p>Example text</p>
    </div>
</div>

<script>
$(document).ready(function(){
   $(".myhover p").hover(function(){
     $(this).parent().children("p:not(:last)").css("background-color","#FED242");
   });
});

.myhover p:last-of-type {
   background-color:#FED242 !important;
}