Austin reportedly started a relationship with professional wrestling manager, Clarke while he was still married to his high school sweetheart Kathryn Burrhus. Their marriage was annulled on 7th August 1992 and Austin then married Clarke on 18th December 1992.
They now have two daughters- Stephanie (1991) and Cassidy (1996). Cassidy lives with her mum in England while Stephanie lives in Los Angeles.
Austin also adopted Jade, Clarke's daughter from her previous marriage to Chris Adams.
Clarke has been credited with helping Austin develop his 'Stone Cold' persona. Allegedly while he was toying with changing his ring name from 'The Ringmaster' to something new she told him to drink his tea before it got 'stone cold' and then suggested the nickname. She was also apparently integral to creating the Austin 3:16 catchphrase.
The coupe got divorced in May 1999.
Source: Wikipedia and IMDB.