We present magnetic and transport measurements for La_5/8-yPr_yCa_3/8MnO₃ with y = 0.3, a manganite compound exhibiting intrinsic multiphase coexistence of sub-micrometric ferromagnetic and antiferromagnetic charge ordered regions. Time relaxation effects between 60 and 120 K, and the obtained magnetic and resistive viscosities, unveil the dynamic nature of the phase separated state. An experimental procedure based on the derivative of the time relaxation after the application and removal of a magnetic field enables the determination of the otherwise unreachable equilibrium state of the phase separated system. With this procedure the equilibrium phase fraction for zero field as a function of temperature is obtained. The presented results allow a correlation between the distance of the system to the equilibrium state and its relaxation behavior.