Falk lives in Rockville, Maryland with his wife, Rhonda (Frank). Rhonda served as an undergraduate admissions counselor for George Washington University for five years. For 10 years she worked as a production manager for a software company in Rockville, Maryland and later moved into the software publishing division and managed the distribution and sales of software through international resellers around the world. She also serves on the board of directors of Woodmont Country Club. They have two daughters, Daina,(born 1983) a graduate of Duke University, and Jocelyn (born 1988) a graduate of Syracuse University.