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A shared driveway is usually owned by each of the homes involved. The part of the driveway on their land is owned by them, and the maintenance of the entire driveway is shared by all parties. In some cases, the driveway may be owned by one house, but legal access is given to anyone who needs to use it.
If you're ever unsure about the ownership status of a shared driveway then it's best to check your title documents. In terms of using the driveway, common law dictates that the area is used fairly between both parties.
Neither neighbour has a right to park their car on a shared driveway, as such it's something that must be worked out privately between both parties. There's little legal protection on this issue as whichever way you slice it, your car will either be illegally parked or blocking a right of way.
The legal position on shared driveways is that all users must be considerate and not consistently block the driveway, making it impossible for others to use it. This includes: allowing others to park on the driveway, or putting a skip or other obstruction in the space.
One option for dividing property lines down a shared driveway is to install chain link fencing. A chain link fence is a relatively inexpensive fence to have installed, and can readily be placed over asphalt. Asphalt is soft enough to allow fence posts to be sunk into the driveway.