If your spouse is injured severely in a car accident and is unsure if he or she will ever be able to return to work, it can place your family in a tough financial position. While eventually you may receive a settlement for the accident, it may not arrive for several years. Here are some tips to help you survive financially during this time and help you understand the type of damages you can request for current lost wages and future lost wages.
Tips For Surviving
If your spouse was the primary breadwinner of the family, the loss of this income can be extremely devastating. The bills will continue coming in the mail, but the income may have stopped completely. This can lead to poor credit, a foreclosure notice, and many other devastating effects.
To compensate for the loss of income, there are several things you might be able to do. First, consider finding a job so you can help supplement the income. If this is not possible, you could consider taking a lawsuit settlement loan.
Lawsuit settlement loans are easy to get if you are expecting to win a large settlement, but it is important to fully understand what the terms of the loan are before accepting it. If you prefer to avoid a lawsuit settlement loan, you could ask your local bank for a personal loan, and you could use your future settlement amount as collateral.
How To Get The Most Money For Lost Wages
After a few months, living without income can get very old, but eventually you will get a settlement check to compensate you. This settlement check should include money for a variety of things, including lost wages from work, as well as future lost wages. There is a big difference with these two amounts, and your attorney will help you calculate them for your spouse.
Lost wages are relatively easy to calculate if you keep good records. If your spouse has not gone back to work since the accident and has not been compensated by his or her employer for this time off, you can simply add up all the money he or she would have earned if the accident had not happened.
The harder part is calculating future lost wages. Future lost wages refers to the money he or she will miss out on earning because of this accident. If the injuries are severe enough that your spouse will never work again, you can ask for compensation to cover the lost wages he or she will experience for the rest of life, and this can end up being a large sum of money.
To calculate this, you can add up the yearly salary he or she normally received for work. You can then add in bonuses your spouse would have earned, and you can add in cost of living increases as well as increases for inflation. If your spouse would have received a major pay increase due to a promotion, you can also include this.
The total amount of money you receive for compensation should be equal to the amount your spouse would have been able to earn had the accident not happened.
In addition to receiving compensation for a loss of income, your spouse's attorney may also go after compensation for damages to the vehicle, loss of consortium, and emotional and mental anguish.
If you would like to find out more information about personal injury compensation, talk to your spouse's attorney. Personal injury attorneys specialize in cases like this, and they can help your spouse receive the compensation he or she is entitled to. Check out sites like http://caminezlaw.net for more information.