Value is subjective, area of land is not.
Mathematics helps here, too. Game theory to be more precise. Of course, lots of the solutions to fair distribution problems have been discovered before mathematicians got a chance to invent game theory. For two people, the you-cut/I-choose procedure works.
For lots of people introducing money is more efficient: just auction off all the plots to the highest bidders, and distribute the proceeds equally. Auctions are a great way to convert subjective valuations into fair numerical valuations.
See eg things like https://en.wikipedia.org/wiki/Shapley_value or https://en.wikipedia.org/wiki/Fair_division