In epoxy-amine systems with a thermoplastic additive, the initially homogeneous reaction mixture can change into a multiphase morphology as a result of the increase in molecular weight or network formation of the curing matrix. Temperature modulated DSC (TMDSC) allows the real-time monitoring of this reaction-induced phase separation. A linear polymerizing epoxy-amine (DGEBA-aniline) and a network-forming epoxy-amine (DGEBA-methylene dianiline), both with an amorphous engineering thermoplastic additive (polyethersulfone, PES), are used to illustrate the effects of phase separation on the signals of the TMDSC experiment. The non-reversing heat flow gives information about the reaction kinetics. The heat capacity signal also contains information about the reaction mechanism in combination with effects induced by the changing morphology and rheology such as phase separation and vitrification. In quasi-isothermal (partial cure)TMDSC experiments, the compositional changes resulting from the proceeding phase separation are shown by distinct stepwise heat capacity decreases. The heat how phase signal is a sensitive indication of relaxation phenomena accompanying the effects of phase separation and vitrification. Non-isothermal (post-cure) TMDSC experiments provide additional real-time information on further reaction and phase separation, and on the effect of temperature on phase separation, giving support to an LCST phase diagram. They also allow measurement of the thermal properties of the in situ formed multi-phase materials.