My wife's 2 year contract was up, and we upgraded her number on our Family Share plan from a Blackberry to the new iPhone 5, due to arrive on Friday. I have an iPhone 4S, but my 2 year contract isn't up until next June. She doesn't mind swapping my iPhone 4S for her new iPhone 5 until I can upgrade next June. Is it possible to swap phones like this? Would the 2 year renewal discount still apply to my number next June? How much of a hassle is this? Do I need to physically go into a Verizon store to do swap? Or can Verizon do it from a central location over the phone?
Since you upgraded the device on your wife's number, once the phone has arrived, activate the device on her number (so as if it's going to be her phone). Have it activated for at least 30 minutes to an hour. Then you can go to verizonwireless.com and log in to your account and switch devices. If not, just call up Verizon and customer service can help you with that.
I did it before with a family member and that's what I was told and I had no problems when I did it.