Reading all this, I'm surprised more groups aren't like ours, where treasure value gets added and divided according to assigned share (usually related to how much of the adventure you survived through), down to the single g.p.
We've occasionally tried other methods, and they ended in disaster. We once tried a "draft" system for magic items, where each character rolled for draft order and in that order got their pick of the remaining items, reverse order the second time through and so on. This fell apart when one PC drafted for value rather than personal usefulness two adventures in a row, sold what she drafted, bought what she needed (or close enough), and pocketed a big hunk o' cash...leaving her net worth more than double anyone else's in the party. So, back to the spreadsheet division method we went...
If a single item is too costly for any single character to afford, either people buy shares in it, or one character takes loans from others, or it gets sold out of party. Rarely, a really useful item gets tagged as a party possession and carried forward into the next treasury; but problems arise here when characters leave the party and want their share of the item's value, or several adventures go by and nobody remembers who was in the original party that found the item.
It's not the disparity in items necessarily that causes the imbalances (though they can), it's the disparity in wealth that those items represent once people start selling 'em off. The fairest method in the long run is to divide the treasury according strictly to value, though in a relatively short campaign it's not as big a deal.
Lanefan