That will be the smallest ring containing both $K$ and $L$. In some cases it will not be a field. The smallest field will be the set
$$\{ \frac{ \sum k_i l_i}{\sum k'_j l'_j}\ | \ k_i, k_j' \in K, l_i, l'_j \in L \textrm{ and } \sum k_j' l'_j \ne 0 \}$$
To see that you do not get a field in general, consider $K = \mathbb{Q}(x)$, $L = \mathbb{Q}(y)$, $K,L \subset \mathbb{Q}(x,y)$. You can check that your subset consists of all the fractions $\frac{P(x,y)}{Q(x) R(y)}$. The element $x+y$ has no inverse here. Indeed, assume that we have
$$(x+y)\cdot \frac{P(x,y)}{Q(x)R(y)} = 1$$ that is
$$(x+y)P(x,y) = Q(x) R(y)$$ an equality of non-zero polynomials in $x$, $y$. Now substitute $y=-x$ and get $Q(x) \cdot R(-x) = 0$, not possible.
Note however, that if $K$, $L$ both contain a sub field $F$ and $K$, $L$ algebraic over $F$, then you will get the composite field with your construction.