I understand that in terms of proteins, when one denatures them, they tend to assume the primary structure depending on which bonds were broken when the denaturing agent was used. However, what does denaturation mean in terms of DNA? Does it mean that the 2 strands are separated (ie breaking Hydrogen bonds b/w the bases) or does it have another meaning?

Yep, that is what generally is meant.

thank you for the clarification.