A process for the preparation of a finely divided, water-soluble or water-swellable polymer by isolating the polymer particles from a water-in-oil emulsion of a water-soluble or water-swellable polymer, wherein the water-in-oil polymer emulsion is azeotropically dewatered in the presence of from 1 to 40% by weight, based on the polymer, of a polyalkylene glycol which
- a) is synthesized by an addition reaction of a C.sub.2 -C.sub.4 -alkylene oxide with an alcohol, phenol, amine or carboxylic acid;
- and
- b) contains not less than two polymerized alkylene oxide units.