Transfer iPod Touch to new owner without erasing all content

I want to give my iPod Touch to my husband, who wants to use much of the content installed, but wants to use his own identity (user name, password, etc.). I no longer want it connected to my iCloud account and other devices, but if I restore it to factory settings to set it up as a new device, all will be erased.

Is there a way to change the ownership without deleting everything first?

Also, when I go to my iCl;oud account, the iPod is listed, but there's no way to remove it without erasing everything.

Any suggestions would be greatly appreciated.