If you have current debt, pay it down as much as possible. This will make the settlement process easier. This will only help your financial situation post-divorce. If you can not pay down any debt, work with your financial advisor to allocate for these payments in your estimated post-divorce budget.
If there is extensive debt, just as with the assets, it will be divided amongst both parties. Remember, even though you are getting divorced, both parties are still responsible for the acquired debt.