With regards to the time share, there is nothing she can do to "protect" herself.
They are both obligated to the time share company no matter what their agreement is between themselves.
Signing that agreement is no worse or better than not signing it at all because the time share company will come after both of them anyway.
A better idea would be to unload it before they finalize the divorce. As you can see from previous responses there are companies that will accept ownership and obligation of the time share for a fee. It will be well worth them paying that fee together rather than risk a potential lawsuit, judgment, garnishment, and possibly bankruptcy over it.
As for everything else, I hope to heck she has a lawyer of her own to make sure she gets what's rightfully hers instead of being one of those women who walk away with nothing just to get it over with.