The group I play with seems to have a very communal view of group loot. Coins divide evenly, and items of value are assumed sold (players can "buy" them with their share). Magic items are given out based on need, with extras just "claimed" by various people. This can (and has) create a disparity of items, which has caused tension*. I'm not a big fan of it, but I'm old school and believe in dividing magic items as part of the overall treasure division, where players got less coin if they got magic items. I tried to offer suggestions in the game I DM, but was politely told to butt out.
*My character in one of our games needs to retire, as well as raise money fast, so he was going to sell his magic items and special gear. I figured I'd offer them to the party first, and the DM agreed with using DMG/PHB prices. Some of the players were upset, because they thought I was unfairly taking too much treasure out of the game (I had a lot of potions of minimal use, but high value according to the DMG). In addition, I had two books that never were given a monetary value, but another player was interested in them as well, feeling they should stay with the group. They never considered the cost or value of the items prior to this, because they still considered everything to belong to the group.