Play Iron Heroes. It vastly reduces D&D 3.5's reliance on magic doodads. Instead, the focus is on your character. Not his tools. So, in that game, "treasure" is mostly coins and other forms of very easily-tracked wealth.
Assuming you want to stick with D&D, I offer two suggestions:
1. Don't track treasure at all. Describe finding coins and items and whatnot, but just "hand-wave" the disposal of unwanted items. Assume players can keep themselves in reasonably good inns, eating reasonably good meals, and so on. Don't track 2cp pints of ale, 1gp ferries across the river, or 75gp of assorted mundane equipment--to an experienced adventurer, that stuff is just loose change. Guiding principle is that money simply isn't an issue, unless it is THE issue/unless money becomes important for story reasons.
For magic gear, just have players choose equipment in accordance with the Wealth by Level guidelines. Let them re-choose fresh gear each level, or even between levels, just so long as they're always within a few hundred (or few thousand, at higher levels) gp of the suggested wealth*.
2. Pre-compute the treasure. Have the DM tally up valuables *before* each encounter. Then, just divide up the money. Know the GP value of any magical gear too. When it's time to divvy up the loot, just divide it equally.
A fun mechanic for this is to use poker chips and 3x5 cards. Chips are for cash and cash-equivalents (like gems & jewelry). The 3x5 cards have written descriptions of each magic item with their GP value written in big fat black Sharpie. Put a stack of chips on each card so it equals the value on the card, then dump the "cash value" chips in the middle of the table. Everyone takes what they want, and arranges things so everyone has a roughly equal number of chips.
Alternate mechanice: convert the TOTAL value of the loot, including sale value of magic items, into chips. Divide the chips evenly between players. Toss the cards denoting magic items into the middle of the table. Everyone must spend chips (give to DM) until all the cards are "bought". When all the cards are off the table, you're done--each player's character has whatever items they bought, plus the number of any chips they retained.
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Personally, I go with option 1 in my homebrew campaign (I'm a player), and option 2 in my Savage Tide campaign (I'm the DM).
-z
* Abusive players will spend an unreasonable percentage (or all) of their money on "consumnable" items. Don't play with these players.