We present the macroscopic dynamics of nematic liquid crystals in a two-fluid context. We investigate the case of a nematic in a chiral solvent as well as of a cholesteric in a non-chiral solvent. In addition, we analyze how the incorporation of a strain field for nematic gels and elastomers in a chiral solvent modifies the macroscopic dynamics. It turns out that the relative velocity between the nematic subsystem and the chiral solvent gives rise to a number of cross-coupling terms, reversible as well as irreversible, unknown from other two-fluid systems considered so far. Possible experiments to study those novel dynamic cross-coupling terms are suggested. As examples we just mention that gradients of the relative velocity lead, in cholesterics to heat currents. We also find that in cholesterics shear flows give rise to a temporal variation in the velocity difference perpendicular to the shear plane, and in cholesteric gels uniaxial stresses or strains generate temporal variations of the velocity difference. Finally, the exotic chiral Q phase of tetragonal (D_4) symmetry is analyzed for an isotropic non-chiral solvent in a two-fluid scenario.