C‐terminally phosphorylated TAR DNA‐binding protein of 43 kDa (TDP‐43) marks the proteinaceous inclusions that characterize a number of age‐related neurodegenerative diseases, including amyotrophic lateral sclerosis, frontotemporal lobar degeneration and Alzheimer's disease. TDP‐43 phosphorylation at S403/S404 and (especially) at S409/S410 is, in fact, accepted as a biomarker of proteinopathy. These residues are located within the low complexity domain (LCD), which also drives the protein's liquid–liquid phase separation (LLPS). The impact of phosphorylation at these LCD sites on phase separation of the protein is a topic of great interest, as these post‐translational modifications and LLPS are both implicated in proteinopathies. Here, we employed a combination of experimental and simulation‐based approaches to explore this question on a phosphomimetic model of the TDP‐43 LCD. Our turbidity and fluorescence microscopy data show that phosphomimetic Ser‐to‐Asp substitutions at residues S403, S404, S409 and S410 alter the LLPS behavior of TDP‐43 LCD. In particular, unlike the LLPS of unmodified protein, LLPS of the phosphomimetic variants displays a biphasic dependence on salt concentration. Through coarse‐grained modeling, we find that this biphasic salt dependence is derived from an altered mechanism of phase separation, in which LLPS‐driving short‐range intermolecular hydrophobic interactions are modulated by long‐range attractive electrostatic interactions. Overall, this in vitro and in silico study provides a physiochemical foundation for understanding the impact of pathologically relevant C‐terminal phosphorylation on the LLPS of TDP‐43 in a more complex cellular environment.