First, copy/move any files/videos/data that you need to keep to Cloud storage (iCloud, Google Drive, Microsoft OneDrive etc) - then, ideally, follow this procedure to properly prepare the iPad to be used again by somebody else:
https://support.apple.com/en-gb/HT201351
At the end of this process, when setting-up again, you’ll have opportunity to create a new AppleID - which you should do unless you have already have a separate AppleID for your wife. If a separate AppleID already exists, use this instead when setting-up afresh.
I guess that you’ll want to share existing App purchases between you. There are a couple of ways to do this, but the Apple-recommended method is to set-up Family Sharing:
https://support.apple.com/en-gb/HT201088
My personal advice - whist it will be possible to both buy and share App purchases using either device and associated AppleID - would be to recommend that you discipline yourselves to making App purchases only from devices associated with the “lead” AppleID account; once purchased, Apps can be downloaded by others in the Family Sharing group.
Family Sharing Purchases are always charged to the lead account, but are ultimately “associated” with the AppleID that makes the App Store purchase. The reason for this strategy may become apparent if Family Sharing ceases to be your favoured method of sharing your Apps. Without getting into the alternative sharing-strategies, I hope this makes some sense.