I think you want the multivariate Laurent series to form a field. For
x + y to have an inverse, you should additionally make a choice of an
ordering x < y or y < x to decide what its series expansion looks
like. The best definition might therefore be the iterated Laurent
series, as described in Chapter 2 of this PhD thesis: 
http://arxiv.org/pdf/math/0405133.
This might also be the easiest to implement.
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