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Kobo (like other ADE based devices) only supports a single ADE account.
As far as I know though, the only connection between an ADE account and a Library account is the ID associated with ADE on a computer. When you download material from a library you download an ACSM file, and when this file is opened by ADE then and only then is the ePub associated with an ADE ID.
So as long as both of you either use the same computer or if you have separate computers associate the same ADE ID with each one, you should have no problem at all.
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