My wife and I have separate apple accounts. Can we use both our accounts on the Ipad?

Is there like a way to log out of one apple account and log on to another?

Yes ... Settings>iTunes and App Stores> Apple ID - tap the ID showing in there and sign out. Then sign in with the other ID.
But ... I don't recommend doing that. If you sign into one of the accounts in order to download past purchases from the account onto the iPad - you lock yourself out of the other ID for 90 days. The iPad was not designed to be used with multiple Apple ID's.
Read this about associated devices with an Apple ID.
iTunes Store: Associating a device or computer to your Apple ID

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