Accidents can have far-reaching consequences for your physical health and finances. If you or a loved one have suffered a personal injury in Lakewood, you may be facing the challenges of loss of earnings or diminished earning capacity. But what are claims for loss of earnings and diminished earning capacity? A Lakewood personal injury lawyer can help you fight for all potential economic damages when injuries affect your ability to work.
What Are Damages for Loss of Earnings in Colorado?
Damages for loss of earnings may be awarded if you cannot work after an accident. These damages compensate you for income you would have earned had you not missed work due to your injuries.
This includes:
- Salaries
- Hourly wages
- Bonuses
- Commissions
- Other benefits
Calculating loss of earnings may be straightforward if you have a predictable income. However, it can become more complicated if you are self-employed or earn commissions. Lakewood personal injury lawyers may hire expert witnesses to help substantiate your claim for loss of earnings.
What Are Damages for Diminished Earning Capacity in Colorado?
Damages for diminished earning capacity may be awarded if your injuries prevent you from earning income in the future, as you did before the accident. These claims are commonly associated with long-term or permanent injuries. Unlike damages for loss of earnings, diminished earning capacity claims look at the potential decrease in future earnings over your lifetime.
This requires weighing many different factors, including:
- Your earning capacity before the accident
- Your earning capacity after the accident
- Your potential earning capacity over your lifetime
- Your age
- Your occupation
- Your skills, education, and workplace training
These factors will be weighed against the severity and permanence of your injuries. The more serious your injuries and disability, the more significant your damages may be for diminished earning capacity.
What Is The Process for Calculating Damages for Loss of Earnings in Colorado?
Calculating damages for loss of earnings or diminished earning capacity involves several steps, including the following:
- Gathering documentation: The process begins with collecting financial documents about your income. Common documents include pay stubs, tax returns, and employment records.
- Evaluating the injury: A thorough medical evaluation is necessary to determine the extent and permanence of your injury. This often requires consulting with medical professionals who can offer expert testimony about your injuries and their impact on your ability to work.
- Assessing future earning potential: Lakewood personal injury lawyers can retain vocational experts or economists to evaluate your ability to work and project lost income over your lifetime. They will consider your age, skills, education, potential career opportunities, and salary increases that your injury may have affected.
- Adjusting for mitigation: You may be able to work in some capacity. If you can seek alternative employment, any income earned will be deducted from your total damages.
Calculating damages for loss of earnings and diminished earning capacity is no easy task. A Lakewood personal injury attorney can help you do so accurately.
How Do You Prove Loss of Earnings or Diminished Earning Capacity in Colorado?
Proving loss of earnings or diminished earning capacity requires substantial evidence. If you or a loved one have been injured, you will have the burden of proving your damages beyond a preponderance of the evidence.
Valuable evidence for the judge or jury will include:
- Medical evidence: Detailed medical records and expert testimony regarding the extent of your injuries and their impact on your ability to work
- Employment records: Documentation of your employment history, including pay stubs, benefit statements, tax returns, or employment contracts that show your income before and after your injury.
- Expert testimony: Testimony from healthcare professionals, vocational experts, and other experts regarding your ability to return to your previous job or find suitable employment
- Personal testimony: Your own testimony about how the injury has affected your ability to work and earn an income
- Witness statements: Your testimony can be supported by statements from employers, coworkers, and family members who can testify about how injuries affect your daily life
A Lakewood personal injury lawyer will evaluate your case, injuries, and employment history to determine the most valuable evidence.
What if I’m Partly Responsible for My Accident?
The concept of comparative fault in Colorado significantly impacts lost wage claims in personal injury cases. Under Colorado’s comparative fault system, you can recover damages, including lost wages, if you are found to be less than 51 percent responsible for the accident. However, your compensation will be reduced by their percentage of fault. If a judge or jury determines you are more than 50 percent responsible, you will be barred from recovering any damages, including damages for loss of earnings or diminished earning capacity.
A personal injury attorney can present evidence to minimize your potential responsibility and maximize your compensation for lost wages and other damages.
Consult a Lakewood Personal Injury Lawyer for Help With a Loss of Earnings or Diminished Earning Capacity Claim
If you are facing loss of earnings or diminished earning capacity after an accident, consult an experienced Lakewood personal injury lawyer. They can help you navigate the claim process, gather necessary evidence, and work with experts to calculate your damages accurately. This can increase your chances of securing the compensation you deserve for lost wages. Schedule your free consultation today at (720) 912 7274 to discuss your case and explore your legal options.