Legal Definitions - omnium bonorum

omnium bonorum

This Latin phrase translates to "of all goods" or "of all possessions." In legal contexts, particularly historically in Roman and Scots law, it refers to the entirety of a person's estate, assets, or property, encompassing everything they own without exception.

• Example 1: Estate Planning and Wills

  A wealthy individual drafts a will stating, "I bequeath omnium bonorum to my only child." This means that upon their death, every single asset they possess – including real estate, bank accounts, investments, personal belongings, and intellectual property – will be transferred entirely to their child, leaving nothing out.

  This example illustrates omnium bonorum by demonstrating a comprehensive transfer of a person's complete and undivided estate, emphasizing that all their "goods" are included in the bequest.

• Example 2: Formation of a Joint Venture

  Two entrepreneurs decide to merge their existing businesses to form a new, larger corporation. Their legal agreement specifies that the new entity will absorb omnium bonorum from both original companies. This implies that all assets, liabilities, intellectual property, client lists, and physical properties from both previous businesses will become part of the new combined enterprise.

  Here, omnium bonorum signifies the complete consolidation of all assets and resources from the separate entities into a single, unified venture, highlighting the all-encompassing nature of the merger.

• Example 3: Marital Asset Division in Divorce

  During a complex divorce proceeding, the court might order an equitable division of the marital omnium bonorum. This means that the judge will consider and distribute every asset accumulated by the couple during their marriage – from their shared home and vacation properties to joint bank accounts, retirement funds, and valuable collections – ensuring that all their collective "goods" are accounted for in the settlement.

  This scenario demonstrates omnium bonorum by referring to the entire pool of shared wealth and possessions that are subject to legal division, underscoring that no part of the marital estate is excluded from the court's consideration.