diff --git a/src/Morpho.sol b/src/Morpho.sol
index 3ca8d4f1d..289738ff9 100644
--- a/src/Morpho.sol
+++ b/src/Morpho.sol
@@ -211,10 +211,10 @@ contract Morpho is IMorpho {
         market[id].totalSupplyShares -= shares.toUint128();
         market[id].totalSupplyAssets -= assets.toUint128();
 
-        emit EventsLib.Withdraw(id, msg.sender, onBehalf, receiver, assets, shares);
-
         require(market[id].totalBorrowAssets <= market[id].totalSupplyAssets, ErrorsLib.INSUFFICIENT_LIQUIDITY);
 
+        emit EventsLib.Withdraw(id, msg.sender, onBehalf, receiver, assets, shares);
+
         IERC20(marketParams.borrowableToken).safeTransfer(receiver, assets);
 
         return (assets, shares);
@@ -246,11 +246,11 @@ contract Morpho is IMorpho {
         market[id].totalBorrowShares += shares.toUint128();
         market[id].totalBorrowAssets += assets.toUint128();
 
-        emit EventsLib.Borrow(id, msg.sender, onBehalf, receiver, assets, shares);
-
         require(_isHealthy(marketParams, id, onBehalf), ErrorsLib.INSUFFICIENT_COLLATERAL);
         require(market[id].totalBorrowAssets <= market[id].totalSupplyAssets, ErrorsLib.INSUFFICIENT_LIQUIDITY);
 
+        emit EventsLib.Borrow(id, msg.sender, onBehalf, receiver, assets, shares);
+
         IERC20(marketParams.borrowableToken).safeTransfer(receiver, assets);
 
         return (assets, shares);
@@ -324,10 +324,10 @@ contract Morpho is IMorpho {
 
         user[id][onBehalf].collateral -= assets.toUint128();
 
-        emit EventsLib.WithdrawCollateral(id, msg.sender, onBehalf, receiver, assets);
-
         require(_isHealthy(marketParams, id, onBehalf), ErrorsLib.INSUFFICIENT_COLLATERAL);
 
+        emit EventsLib.WithdrawCollateral(id, msg.sender, onBehalf, receiver, assets);
+
         IERC20(marketParams.collateralToken).safeTransfer(receiver, assets);
     }