Is it worth losing 40% to get cash?

[Maggie H.]

I'm in the middle of a divorce. I'll be receiving between $250,000 and $300,000 from his 401 K, IRA and money market accounts. I don't have a retirement account and don't want to have to open one in order to receive the funds. I want cash to start investing in RE. I will need it for income after the alimony runs out, so a self directed IRA won't work from what I understand. I spoke with a CPA and was told that I would lose 40% in tax and penalties. Is there any other way, so I don't lose $100,000+?