- Future Losses in a Personal Injury Claim
- August 8, 2017
A serious injury can affect nearly every aspect of your life — from your occupation to your daily routines and (importantly) your finances. When you’ve experienced a life-altering injury, many questions arise: How much money have you lost because of your injury, and how much will it affect your potential to earn in the future? How much money will you lose due to the lingering effects of your injury?
Future losses in income or earnings are key players in personal injury claims in New Jersey, especially when your injury has permanently hindered your ability to work. While no one can see into the future, coming to an accurate prediction of future losses in a personal injury claim can depend on the combined expertise of multiple sources in the courtroom.
Are future losses always awarded?
Every personal injury claim is different, but future losses are generally speculative. This means that alleged injuries or losses that are uncertain or highly unlikely cannot be used to obtain compensation. However, if the proper foundation is laid with strong evidence that includes the nature and extent of the injury, as well as the data to back it up, future losses can be proven and awarded.
How is an adequate foundation for future losses achieved?
The expert testimony of a treating or examining doctor will declare the plaintiff’s inability to work in the future, or his/her limited ability to work after sustaining an injury. The physician(s) testifying will also highlight the current state of the plaintiff’s condition, the extent of the medical care received and still required, as well as the costs associated with treatment.
Who calculates the total amount of income I’ve lost?
An economist or accountant is usually necessary to accurately determine the amount of lost wages in present value dollars. The process begins with an analysis of the overall economic state of your occupational field to provide the framework for a monetary prediction. Then, the income you would have received without an injury is compared to the income you can expect to receive post-injury. This data is presented in court and is crucial for determining the amount of your final settlement.
Should I find a personal injury lawyer to help me claim future losses?The best way to make sure you are fully and appropriately compensated after an injury is to enlist the help of an experienced personal injury lawyer. We know well what critical information must be tracked down, what witnesses and experts to refer to, and most importantly, how to prove financials in court.