Structural and magnetic properties across the martensite-austenite phase transitions in the shape memory alloy Ni-Mn-In-Co are studied using complementary experimental techniques: ferromagnetic resonance, macroscopic magnetization measurements, and x-ray magnetic circular dichroism in the temperature range from 5 to 450 K. Ferromagnetic resonance experiments show coexisting antiferromagnetic and ferromagnetic correlations for the martensite phase and ferromagnetic and paramagnetic correlations in the austenite phase. Magnetization measurements reveal spin-glass-like behavior for T < 30 K and Ni and Co K-edge x-ray magnetic circular dichroism measurements confirm an assignment of a ferromagnetic resonance line purely to Ni (and Co) for a wide temperature range from 125 to 225 K. Hence a combined analysis of ferromagnetic resonance and x-ray magnetic circular dichroism allows us to attribute particular magnetic resonance signals to individual elemental species in the alloy.