I am to receive 1/2 of spouse 401k in divorce.
What can I expect if I want to take it out in cash?
Live at home mom.

You have several choices:

1. You can take the money now as a distribution of your share, in cash. If you do this the entire amount is considered to be ordinary income to you. The plan admiistrator will withhold 20% for federal income tax, but keep in mind that this is just a down payment on taxes you may actually owe - depending on the amount your talking about it could push you to a higher tax bracket and consequently the amount of taxes actually owed by you may be greater than the 20%. Also keep in mind that depending on where you live you may also have state/local income taxes to pay on it. So don't spend it all!

2. You can roll your half to your own IRA. This makes sense if you want to continue to enjoy tax-deferred growth until you reach retirement age.

3. You can specify that you want to set up your own 401(k) using the same plan as your husband's employer. Personally I would not recommend this, as 401(k)s tend to be more restrictive than IRAs in terms of investment choices and withdrawal options.

This article gives a good overview of your options:
401(k) and Divorce (http://www.401k.org/AboutPlans/GeneralInformation/401kandDivorce/tabid/66/Default.aspx)

Whichever you decide, make sure that it is properly documented in the Qualifed Domestic Relations Order (QDRO) issued by the court.