Lerner has been married thrice. Her first husband was william Beck whom she divorced in 2005. In 2005, she married Elliott Fisher. She has five children. In 2006, her daughter Emma Beck died in a go-kart accident. Lerner resides in Cleveland, Ohio.
Lerner was born to a Jewish family, the daughter of Norma (née Wolkoff) and Al Lerner. She has one brother, Randy Lerner. She received a B.A. from the University of Cincinnati and a J.D. from the Cleveland–Marshall College of Law at Cleveland State University. Her Father was the CEO and chief executive of the MBNA Corporation, then the second largest issuer of credit cards in the world. When he died, his two children became billionaires. She established the Partnership for Families program which pays for In Vitro Fertilization for couples who are unable to afford the procedure.