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Magnetic bi-layers are becoming increasingly popular as a medium for perpendicular patterned media. In order to understand the net interactions between the layers and between adjacent magnetic elements in an array, we use a coupled Preisach model to model the hysteresis loops we measured for a sample consisting two magnetically soft layers of FeCoTaZr, separated by an 0.8-nm Ru spacer layer. The model reproduces the major hysteresis loop to decent agreement. The model was then decoupled to reveal the reversal behavior of the individual layers. This paper demonstrates that coupled Preisach modeling of the hysteresis loop is an effective tool to analyze such interacting material systems.