Will all our data be in one place and what happens if we sync with our macs? We are concerned about loosing data or doubling up on everything or getting each others contacts.
You are thinking, my contacts is in my sim, so if I keep my sim, the contacts will travel with me, right?
Except in the ole days of flip phones, people used to save contact information on their sims, but I don't know in the era of smartphones, with its unlimited contact list, this is done anymore, and then you have been synching your contact list within your iCloud account and/or you Mac, making it more complicated whether this will work, without scrambling anything.
The one thing I know is, when you plug an iPhone into a new Mac, iTunes will ask,
This Phone is Synced with Another Library, Do you Want to ERASE iPhone and replace its information with the content of THIS Library? and if iTunes is set up for sync contacts with the Mac then your contact lists WILL BE REPLACED!
If both of you is been synching your contacts via iCloud, this is easier. Just sign off from your respective iCloud accounts, swap sim, then sign on to iCloud again using your own accounts, and iCloud sync should proceed normally with your own information. but your other data, not synched through the cloud will still have the problem above.