Elisabeth has been married twice, and has two children-one from each marriage. Her first marriage was to Baron Bernard Alexandre Taubert-Natta, producing Baron Jean-Leonard in 1974, the marriage ended in divorce. Baron Bernard died in 1989, leaving her to raise then fifteen year old Jean-Leonard on her own. In 1984, the young mother found love again, this time with a ballet dancer, Nicolai Vladimir Costello, who she married in October of that year. However, the marriage was not long lasting, after the birth of their daughter, Mélanie-Antoinette Costello de Massy in January 1985, the couple divorced.
She is well known for her charitable works in Monaco. Elisabeth is President of the Monegasque Tennis Federation and of the Monte Carlo Country Club. She and her daughter Melanie also appear with the family on the balcony annually at Monaco's National Day celebrations.
With the death of her uncle in 2005, she lost her place in the line of succession for the Monégasque throne, however, she, her children, and her siblings and their families remain in the "pool" of familial collaterals eligible to be selected for the Crown in the event of the extinction of the descendants of Prince Rainier.