Sorry, I don't have an answer because I don't use Master Documents. However,
you may need the reason I don't more than you need an answer. "Master
Document" is a term of art in Word referring to a "feature" that not only
doesn't work but also destroys documents. The consensus (with the limited
exception of Steve Hudson) among those offering advice on these newsgroups
is that using the Master Document feature is a good way to destroy your
document. It can destroy parts of your document that you are not even
working on! I think John McGhie said it succinctly when he said that there
are two kinds of Master Documents: Those that are corrupt and those that
will be corrupt soon. See
http://www.addbalance.com/word/masterdocuments.htm for information on the
Master Document feature and workarounds. See
http://www.mvps.org/word/FAQs/General/WhyMasterDocsCorrupt.htm for more
information on what goes wrong, and
http://www.mvps.org/word/FAQs/General/RecoverMasterDocs.htm for ideas on how
to salvage what you can. See
http://www.techwr-l.com/techwhirl/magazine/technical/masterdocs.doc for
Steve Hudson's instructions if you are willing to follow them very
carefully.

Hi Daniel

See Charles' answer!

The only quote about relative paths to Subdocs I once stumbled over is here:

relative paths master2subdocs
http://groups.google.com/groups?hl=en&lr=&ie=UTF-8&selm=VA.00007f56.00872c3f%40speedy

Bottom line: I very much doubt there is such an easy way you're looking
for unless the Masterdocument is already setup in that way.

HTH
Robert

Assuming there's no going back for you, and you're stuck with the master doc
feature, have a look at this article which does some explaining of relative
and absolute paths.  Perhaps you can switch your links to relative paths,
and disable the options to "update links on save" as they recommend, and
then move everything.

http://daiya.mvps.org/includetext.htm#FilePaths