The negation of $A \land B$ is given by $$\lnot (A \land B)$$ which is equivalent, by one of DeMorgan's Laws, to $$\lnot A \lor \lnot B$$
So yes, you are correct in your conjecture: If it is not the case that both $A$ and $B$ are true, this means that either $A$ is not true, or $B$ is not true, (or neither $A$ nor $B$ is true). But note that in logic and mathematics, the use of "or" is always taken to be the inclusive $\;(\lor)\;$ sense of the word "or", where $(P \;\text { or }\;Q) \equiv P\lor Q$ means exactly $P$ or $Q$ or both $P$ and $Q$, so the added clause "or both P and Q" is unnecessary.