You're (probably) right that his remaining soul wasn't 1/8th of what he started with, but it also wouldn't have been 0.0078% of his total after being split that many times. There's simply no evidence that explicitly states it's a 50/50 split of the soul. The words most commonly used are "piece" and "fragment", and while they don't explicitly indicate a specific size, fragment by definition suggests that it's a portion of the soul much smaller than the whole.
"Tell him that on the night Lord Voldemort tried to kill him, when Lily cast her own life between them as a shield, the Killing Curse rebounded upon Lord Voldemort, and a fragment of Voldemort’s soul was blasted apart from the whole, and latched itself onto the only living soul left in that collapsed building. Part of Lord Voldemort lives inside Harry, and it is that which gives him the power of speech with snakes, and a connection with Lord Voldemort’s mind that he has never understood. And while that fragment of soul, unmissed by Voldemort, remains attached to and protected by Harry, Lord Voldemort cannot die."
Chapter 24 - The Prince's Tale, Deathly Hallows
Six true Horcruxes (diary, ring, locket, cup, diadem, Nagini) created intentionally, then the fragment of soul that was inadvertently attached to Harry when Avada Kedavra backfired, means there would have been (at least) eight separate, but not equal sized, parts of Voldemort's soul.