Property includes all assets.
These are usually tangible objects like land, buildings, vehicles, items of furniture, jewelry, cash, etc., but they also include intangibles like retirement accounts, other financial institution accounts and the cash value (not the face value) of life insurance.
Debts are any and all value you and/or your spouse/partner owe to any third party.
Those debts can be secured by property. If they are, they will be included as part of that property. They can be unsecured debts, such as credit card debts, personal loans, student loans, taxes or support arrearages owed to a prior spouse/partner or for the support of children NOT of this relationship.