Upon drop impact on a surface of comparable size to that of the drop, a sheet is produced that evolves freely in the air, bounded by a rim from which ligaments and droplets are continuously shed. This process is a canonical example of unsteady sheet fragmentation. The sheet dynamics is coupled with continuous ligament and drop shedding (Wang & Bourouiba, J. Fluid Mech., vol. 848, 2018b, 946–967; Wang & Bourouiba, J. Fluid Mech., vol. 910, 2021b, A39) and is governed by a nonlinear non-Galilean Taylor–Culick law (Wang & Bourouiba, 2022 (in press)). Here, we report the results of a combined theoretical and experimental study of the partition and temporal evolution of mass, momentum and energy in each part of the system composed of sheet, rim, ligaments and drops. We elucidate and derive analytical predictions, without fitting parameters, of the temporal evolution of the fractions of volume/mass, momentum and energy in each sub-part of the system: from sheet, to rim to fluid shed. We show that their temporal evolution and partitioning are independent of impact conditions. Interestingly this implies, for example, that the fraction of initial drop volume shed from an impacting drop is independent of the initial energy (or Weber number) of impact. We validate our predictions against precise measurements. Finally, we show that the partition laws for this unsteady fragmentation system are robust to changes of fluid properties (viscosity, surface tension and density). We provide the ranges of validity of our partition law on a Weber–Reynolds numbers regime map.