You can create a new iCloud account on your old iPad and migrate the data to the new account. To do this,
if there are any photos in the my photo stream album on it that are not in the camera roll or backed up somewhere else save these to your camera roll or you will lose them. To do this, open the photo stream album in the thumbnail view, tap Edit, tap all the photos you want to save, tap Share, then tap Save to Camera Roll.
Once this is done, go to Settings>iCloud, scroll to the bottom and tap Delete Account. (This will only delete the account from this iPad, not from iCloud. The devices that will be keeping the account will not be effected by this.) When prompted about what to do with the iCloud data, be sure to select Keep On My iPad. Next, set up a new iCloud account using a different Apple ID (if you don't have one, tap Get a Free Apple ID at the bottom). Then turn iCloud data syncing for contacts, etc. back to On, and when prompted about merging with iCloud, choose Merge. This will upload the data to the new account.
Finally, if there is any data in either account that you do not want you will then have to go to icloud.com on your computer, sign into each iCloud account separately, then manually delete it.
You do not need to change the Apple ID in Settings>iTunes & App Stores. You can continue to share the same iTunes account, along with apps and other purchased media.
