Ever since I started playing D&D, I've been the party accountant (I'm not sure why, but I don't mind).
In the past we would deduce the resale value of all items (what we could get for them if we wanted to sell them), and then sum this up. We'd then divide that value evenly, and people could decide if they just wanted the gold, or particular items (or a combination of both). If an item was worth more than a person's share, they would be indebted to the group for the difference.
This took alot of math and time, and so for our latest campaign we've come up with a simpler solution:
All gold and valuables (ie: items of value that provide no benefit to the party: such as generic gems, artwor, etc.) are now converted to gold, and this is divided evenly among the party (with some going to party funds). For all equipment and special items people may want, we have a dibs list with the party in order (initial order was decided by die rolls of high to low). We go down the list asking each party member if the want the item. Whomever takes the item goes to the bottom of the list (for hauls of multiple items, people are moved to the bottom based on the value of the items they've taken: more value means closer to the bottom).
With this system, it's quite possible (and has happened) for one person to take 2 or three items in a single haul, if no one else is interested. Our party is quite diverse, so there isn't alot of fighting for items. IIRC, I'm currently at the bottom of the list after taking a defeated Wizard's spellbook. Until then, I had been second on the list since the campaign started.