Determining the Value of Your Lost Wages and Future Lost Income: What Your Lawyer Will Consider
If someone caused your injuries, you may be entitled to monetary compensation that could pay for your damages and losses. Depending on the severity of your injury, it could take a while before you can go back to work if you still can in the first place. Thus, your lost income can be a significant part of your damage claim. However, calculating the worth of your lost wages can be challenging. Injury attorneys Huntington Beach can help you understand this kind of damage. You can learn more about lost wages and how your attorney can assist you with your claim during your initial consultation.
Determining Lost Wages and Future Lost Income
Compensation for lost wages is meant for the missed time off of your work because you have to get medical treatment and recover from your injuries. Meanwhile, compensation for future lost income is meant to pay for the difference between your earning capacity before your accident and the what might be following it. If you had a serious accident and injuries, you may be permanently disabled, which means you cannot return to work at all. Some victims may still be able to work in a different position or field and expect to get less pay than used to.
Factors to Consider
Your injury lawyer may hire economic or vocational experts to help them in determining your injury’s long-term financial impact. They may take into account factors such as your work history, location, current pay rate, current profession, your education, industry, and marketable skills. addition, your attorney may consider the current wage rates and whether or not your job skills can be transferred.
Moreover, your attorney will review some evidence that can help establish the value of your future lost income. This includes the following:
- Your medical records. These records will detail the kinds of medical treatment you got, any medication side effects, and ongoing care needs. Also, your medical records can show your current abilities and limitations as well as their impacts on your ability to earn an income.
- Employment records. Your employment lawyer can review your current employment contract, benefits, salary, and raise or promotion history to determine the income you may earn in the future. Also, a professional can analyze your current work skills and duties.
- Lost business opportunities. This factor is considered if your income relied on commissions or if you are self-employed before you got your injury.
