The group I last played in, we never really divvied up mid-session. In fact, we'd haul around a collective "loot bag" (eventually it was several chests in our wagon), until IC, we decided to divvy up what we'd collected.
Mid-session, if we identified an item, we'd hand it to the character who could make it the most useful for the party, on a temporary basis. IOW, a Wand of Cure Light Wounds would go to the cleric or (more often) the Bard ... where it would do the group the most benefit. Magic arrows would be held onto by the archer(s) of the group, to be used as a last resort. And so on.
Once we got to the point of a permanent division of the fruits of our labor, we would then (yes) total the value of every item, at 1/2 market price. We would divide that into shares -- with the "group treasury" getting a full share. IOW, if we numbered 6 PCs, we'd divide into 7 shares. "remainder" coinage would go to the group treasury, which paid for food, travel expenses, possibly emergency healing, group-useful items (Potions of Healing, for example), and so on.
Magic items were sent to wherever they would do the most good, with the sale value coming out of that person's share of the treasure. Unclaimed / unwanted items (a rarity for miscellanea, but common for weapons, as our GM had a distressing tendency to almost NEVER give magical weapons of types we *gasp* actually used ...) were sold for coin, unless the party voted on their being kept as a "group item" (like aforementioned Wand of Cure Light Wounds), in which case the item woudl be held "in trust" by the person most able to use it to group benefit.
It took time yes, but we'd always do the division either at the end of one session, or the beginning of another. Noneof us ever complained about the time involved (but then, we didn't do so in the MIDDLE of a session, if we could help it).