Water and electronics generally do not make happy bedfellows. Your iPad is not designed to be water resistant. While it will survive being splashed with water if immediately dried, it will almost certainly suffer damage if it is allowed to get wet or is submerged for any length of time.
If the worst should happen, speed is essential. If the iPad gets wet, it should be immediately dried with an absorbent towel - then set aside in a warm, dry location to throughly dry. If the iPad should be turned-off - and no attempt made to turn-on, use, or charge the iPad until you are absolutely certain that the iPad has fully dried out. Pay particular attention to the charging port.
You would be best advised to take your iPad along to the Genius Bar at your local Apple Store or Apple Authorised Service Provider (AASP) - where the technicians will be able to assess your iPad. If repair isn’t possible, the iPad can be responsibly recycled - and you’ll be in the best possible place to explore possible replacement:
Genius Bar Reservation and Apple Support Options - Apple
For practical purposes, in lieu of repairing and returning your iPad, Apple usually exchange the iPad for a renewed/refurbished iPad of the same model and specification. The cost of the exchange is the same as would otherwise be charged for repair. Unless you have benefit of an active AppleCare plan, an out-of-warranty repair while expensive will be somewhat less than the cost of a replacement iPad.
As for out-of-warranty repair costs, Apple offers a fixed-price price repair. You can verify eligibility and cost for your region/country here:
iPad Repair & Service - Apple Support
If you have an active AppleCare+ plan, the cost of repair is reduced to a small excess/deductible fee.