In my divorce settlement, I acquired part of my spouse's 401K. Must I move it to avoid penalties?

A new account was created for me with my spouse's financial institution that manages the divided 401k account after the divorce. We are both retired, I am 61, live in Ohio and live off of my pension so I am not in need of my portion of the 401k right now. Is there a hurry or time deadline (by law) from when the divorce was finalized that I must transfer the money into whatever investments/institutions I want? I know about the money being taxed when I do withdraw it but believe in a divorce it can be transferred without penalty or taxes. It is unclear to me if there are time constraints, penalties, etc. if I just let that money sit there which are presently invested in mutual funds, etc. The existing investments were all chosen by my spouse so I'm fairly certain that by now, some adjusting is needed (some are at high risk). I am in process of obtaining a financial advisor (since I have little knowledge in this arena) but in the meantime, I must find out if by law if I have to move the funds within a certain time frame without any 'hidden' penalties. Thank you.
evergreen
Asked Nov 15, 2015

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