Life after an accident in New York can throw you a curveball. What many people don’t realize is the long-term hit your future income can take due to your injuries. Many accident victims confuse lost wages with lost earning capacity, but these are economic damages. Understanding the key differences is crucial when pursuing a personal injury claim. Please continue reading to discover how lost earning capacity is calculated in a New York personal injury case and the importance of connecting with our seasoned Suffolk County Injury Lawyers.
What is Lost Earning Capacity in a New York Personal Injury Case?
Following an accident in New York, the financial consequences often extend beyond immediate lost wages. Lost earning capacity addresses the long-term impact on an individual’s future income due to their injuries.
Imagine this: a spinal injury, something that might initially seem manageable, could sufficiently yank the rug out from under a construction career that relies on heavy lifting. Even if you find another job, that original path is closed off. This doesn’t just impact your current financial standing, but it casts a long shadow over your entire lifetime earning potential.
New York courts recognize this devastating impact. As such, they allow victims of personal injuries to seek damages specifically for this lost earning capacity. It should be noted that this doesn’t mean you have to be completely unable to work. Rather, the law understands that even if you are still employed, if your injuries restrict your opportunities or diminish your potential income over time, you deserve compensation.
How is This Economic Damage Calculated?
Figuring out how much money you have lost due to an accident isn’t a simple task. It requires a detailed look at where your career was headed, how your income would have grown, and all the opportunities you have missed because of your injuries. At Castro & Trodden, LLC, we are prepared to collaborate with medical experts, vocational specialists, and economists who can help calculate your lost earning capacity. Together, they can build a robust case, demonstrating how your injuries will impact your financial future. Without solid evidence, insurance companies may dismiss your claim and offer you far less than you may be entitled to.
It can be tough to tell the difference between lost wages and lost earning capacity, and insurance companies often exploit that confusion to minimize payouts. A qualified Suffolk County injury lawyer can ensure that you are not just paid for the money you have already missed, but also for the future income you will lose out on because of your injuries.
For guidance and skilled representation, please don’t hesitate to contact an attorney at Castro & Trodden, LLC.
