Shoruke's suggestion for loot division:
I think we require three pools: coinage, public items, and personal items.
-coins found/earned during an adventure go into the coin pool (if at all possible, we should convince the wizard to take his payment only from this)
-unwanted items are sold in town, and the coins from their sale go into the item pool
-items that the group decides are useful to keep around, but should not be assigned to one person (such as the ballista and the spears it uses as munition), go into the public items pool.
-all other items (namely, items that someone wants for themselves) go into the personal items pool: if only one person wants it, the item stays there until they buy it. Items can be bought from the group at 75% market value from the group (to make it clear that the group gets more benefit from selling to ourselves than to the vendors, but the purchaser pays noticeably less than if they wanted to buy the item in town), and those coins go into the coin pool. Note that you'll get some of the coins you pay returned to you when the coin pool is divvied out.
-if more than one person wants a specific item (cloaks of resistance +2 are useful to everyone, for instance), and no pragmatic decision can be made for who would benefit (either personally, or for the group) most from buying it, then a game of chance will decide. Alternatively, the contestants could arrange a deal such as "We'll both pay half for you to buy it here, then go into town and both pay half to buy me one".
-after all item logistics are decided, the coin pool is split up evenly for the group.
I also propose that we give "the group" a share of the coin pool, and use it to buy Potions of Clear Light Wounds and Wands of Lesser Vigour and such, that go into the public items pool and are to be used if someone gets KO'd or loses an arm or some such.