There's not a code requirement for separation of electrical/water - nor could I find a Williamson County requirement that they be separate. But it's very often a city municipal requirement, and almost always a utility requirement. Reason being, if you are digging one up, you might damage the other if you don't know that it's there. Pretty typical for this to be something like 12" between the two. I'm not sure if water supply and sewage can be in the same trench per code, but they're almost always separated.
As long as you're using cable rated for underground or conduit, it's not a water exposure issue, so the water above or below electrical doesn't matter much. I'd be skeptical about putting them in the same trench myself if I already had a trenching machine on hand. But if I was going to put them in the same trench, I'd put them 12" apart with some utility marking tape in between them(
example), and another layer of marking tape above the top supply.