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The dealer should assert control and perform the split himself. Tell the other players hands off while you begin dividing the chips.
Color up the chips into stacks of each denomination. Once you have completed the coloring up, move on to the next step.
Take the highest denomination stack of chips and divide it into a stack for each of the winners.
If a winner stack is unequal, use the next highest denomination chip to even out the short stack values.
Repeat these steps for each of the stacks, proceeding from highest value to lowest value until indivisible chips remain.
Break the indivisible chips into the lowest denomination chip that is currently in play. For example, if the lowest chip in play is $100, a left-over $500 chip should be broken into five $100 chips.
Starting with the winner stack closest to the dealer's left, distribute one of each of the remainder to each stack until none are left. After breaking down to five $100 chips as above, if there were three winners, the two closest to the left of the dealer would receive two $100 chips and the third would receive a single $100 chip. If $25 was the smallest chip in play, the $500 chip would be broken into twenty $25 chips (or just as easily three $100 and eight $25) and divided $175/$175/$150 from left to right.
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