diff --git a/Code/Framework/AzCore/AzCore/Asset/AssetCommon.h b/Code/Framework/AzCore/AzCore/Asset/AssetCommon.h
index 0c8e5209ca..c45bb21c6d 100644
--- a/Code/Framework/AzCore/AzCore/Asset/AssetCommon.h
+++ b/Code/Framework/AzCore/AzCore/Asset/AssetCommon.h
@@ -556,16 +556,24 @@ namespace AZ
                     Asset<AssetData> assetData(AssetInternal::GetAssetData(actualId, AZ::Data::AssetLoadBehavior::Default));
                     if (assetData)
                     {
-                        auto curStatus = assetData->GetStatus();
+                        auto isReady = assetData->GetStatus() == AssetData::AssetStatus::Ready;
                         bool isError = assetData->IsError();
-                        connectLock.unlock();
-                        if (curStatus == AssetData::AssetStatus::Ready)
-                        {
-                            handler->OnAssetReady(assetData);
-                        }
-                        else if (isError)
+
+                        if (isReady || isError)
                         {
-                            handler->OnAssetError(assetData);
+                            connectLock.unlock();
+
+                            if (isReady)
+                            {
+                                handler->OnAssetReady(assetData);
+                            }
+                            else if (isError)
+                            {
+                                handler->OnAssetError(assetData);
+                            }
+
+                            // Lock the mutex again since some destructors will be modifying the context afterwards
+                            connectLock.lock();
                         }
                     }
                 }