One thing you can do is create a custom fields that you can use to manage which reader it goes on. Then you can specify a color based on the value of the field.
For example, you could have black for it's been read by whomever is going to read it. Blue is for it's to be read by both of you. Red is for you (or the other person already read it). Green is for the other person. This would help just by looking at the library.
A field for you. A field for the other and a field for read. You just make the field Y/N fields.
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