diff --git a/target/arm/machine.c b/target/arm/machine.c
index 5f26152652..b4c3850570 100644
--- a/target/arm/machine.c
+++ b/target/arm/machine.c
@@ -839,6 +839,15 @@ static int cpu_post_load(void *opaque, int version_id)
         }
     }
 
+    /*
+     * Misaligned thumb pc is architecturally impossible. Fail the
+     * incoming migration. For TCG it would trigger the assert in
+     * thumb_tr_translate_insn().
+     */
+    if (!is_a64(env) && env->thumb && (env->regs[15] & 1)) {
+        return -1;
+    }
+
     hw_breakpoint_update_all(cpu);
     hw_watchpoint_update_all(cpu);
 
@@ -856,15 +865,6 @@ static int cpu_post_load(void *opaque, int version_id)
         }
     }
 
-    /*
-     * Misaligned thumb pc is architecturally impossible.
-     * We have an assert in thumb_tr_translate_insn to verify this.
-     * Fail an incoming migrate to avoid this assert.
-     */
-    if (!is_a64(env) && env->thumb && (env->regs[15] & 1)) {
-        return -1;
-    }
-
     if (!kvm_enabled()) {
         pmu_op_finish(&cpu->env);
     }