Party Treasure

SpiderMonkey

Explorer
Most of the groups I've played in or DM'd for have varied in this respect.

A group I DM'd for that consisted of all CN and CG characters used a method of dibbs/smooth-talking/dividing what wasn't immediately pocketed. That led to some pretty serious inequities in party wealth, but it didn't seem to matter much to them.

Most of the groups that I've played in engages in a semi-complex divvy and bid system. They set aside a share for "party expenses" which is usually a synonym for "healing". After the value of all the items has been determined, party members can purchase them with money from their share (for the half value that they'd get for selling it). Any unclaimed items get sold. It works out pretty well, save for in a few instances where we wounded up selling magic items at low levels because people didn't want to give up their share of money for them. But it's worked out pretty well, for the most part.
 

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