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The fact that you have the RAW file in your possession shows that you are the creator of the image. If both parties have it then either one has passed it to the other and if that is the case it could be argued that one has given the other permission to use it / manipulate it, or that both parties have created the image seperately.
If you pass a RAW file to another party and they work on it in photoshop copyright resides with both parties as both have had a creative input.
However if only one person has the RAW file then it's a very strong case that they are the creator of the image & own the image rights.
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