[zlefin]

if it's realism it really would be a mix. some sort of plunder system (which just isn't present in the game), with some of the rest going to people who went to neighboring lands people flee to, or allies. it also depends on how portable magic gems really are, in game they can be freemoved between labs, though that is likely just for gameplay convenience. Certainly, if you can teleport stuff, i'd expect people to teleport out all the valuables during a siege. and like i say, sure we all want to be pantokrator, but even he had his generals of the east and west, and a few other oddities. While most gods get cast down, those subservient to the victor might get some decent posts.
As to plunder, well, in a certain sense, getting the land itself, and all the gold and gem income it comes with is pretty nice.
another issue would be, if you're captured, how do such spoils get distributed amongst invaders? who verifies quantities are accurate? and when would plunder be acquired? whatever point you make it as, some people will just send it all away a turn sooner. or put all the gems on commanders who will die in the final siege, or alchemize it all away, and bid a jillion on a merecenary. The more i think, it just seems rather impractical to have such a system. If anything, i'd just limit such a system to no giving away all your stuff when you die, it dies with you. but even then, there's the issue of at what point that should be.