"splitting" Apple account

My son and I have shared an Apple account for years. He has an iPod and iPhone, I have an iPhone and iPad. Sharing an account was not a problem up until this point with iCloud. I would like to use it but I keep getting all his purchases on my equipment and visa versa. It's time for us to go our separate ways. Is there any way to 'split' our Apple account? We would like to not lose the music and apps we have purchased, and how do we get our phones, iPad and iPods registered with a different user account at Apple? Only one of us will have to change. Any advise is greatly appreciated!

I believe apps and such are purchased under one account and are not transferable. The person who ends up creating a new Apple ID will have to repurchase the apps they want on their devices.

I haven't played around with iOS 5.0 yet but can you not still choose what items to sync to each device specifically? That is, under my Apple ID I have XYZ # of apps and movies. I can specifically choose which to put on my iPod Touch and which to put on my iPad. Is that no longer possible with using iCloud?

Thanks for the reply. I'll check that out.