If you have to take a leave of absence from work due to an accident that you did not cause, it can be both frustrating and stressful. When you’re injured due to the recklessness or negligence of another party you can pursue legal action to collect compensation to cover expenses related to the accident. These expenses can include lost future wages that you would have received if you were not injured and could therefore continue working. Reach out to a New Jersey personal injury lawyer for more information.
What Are Future Lost Wages?
If you are injured in an accident your life could change drastically for weeks, months, or even years. Depending on the type of accident and the line of work you are in, you may not be able to return to work for the foreseeable future. When you are settling your claim or lawsuit and are receiving compensation, it will have to be determined how much you are owed to cover your property damage, medical expenses, and loss of income. If you are going to be out of work for the next 6 months, for example, the income you are missing out on during that time is what is known as lost future wages.
How Do You Calculate Future Lost Wages?
Calculating future lost wages can be challenging because it is difficult to know for certain how long you will be out of work and exactly how much money you will be missing out on. However, a reasonable estimate can be made to determine how much you are owed in future lost wages.
The first step is to acquire the help of your doctor or a medical professional to determine how long you will be out of work. Depending on the severity of your injuries, your age and health, and how you are responding to medication or physical therapy, they will be able to give a reasonably accurate estimate. An experienced doctor will have dealt with similar situations and know the average time of recovery for a particular injury, as well as what personal characteristics shorten or lengthen recovery time.
An economic expert will use the estimated length of time to determine the monetary value that you are losing out on due to your absence. Some things they will consider when determining your future lost wages include:
- Your current income
- History or potential for promotions
- History or potential for bonuses
- History or potential for sales commissions
- Loss of earning capacity
- Loss of benefits
Do I Need a Lawyer?
You should hire a lawyer when filing a claim or lawsuit after an accident. A good attorney will have a deep knowledge and understanding of the law and skillfully navigate you through the legal process. They will be able to effectively communicate with necessary parties, acquire the services of medical and economic professionals, gather and present relevant evidence, and negotiate for you to receive a fair settlement. Contact an experienced attorney today.
