Liquid-liquid phase separation and related condensation processes of intrinsically disordered proteins (IDPs), proteins with intrinsically disordered regions, and nucleic acids underpin various condensed-liquid droplets or gel-like assemblies in the cellular environment. Collectively referred to as condensates, these bodies provide spatial/temporal compartmentalization, often serving as hubs for regulated biomolecular interactions. Examples include certain extracellular materials, transcription complexes, and membraneless organelles such as germ and stress granules and the nucleolus. They are critically important to cellular function; thus misregulation of their assembly is implicated in many diseases. Biomolecular condensates are complex entities. Our understanding of their inner workings is only in its infancy. Nonetheless, insights into basic biophysical principles of their assembly can be gained by applying analytical theories to elucidate how IDP phase behaviors are governed by the properties of the multivalent, solvent-mediated interactions entailed by the proteins' amino acid sequences. Here we briefly review the background of the pertinent polymer theories and outline the approximations that enable a tractable theoretical account of the dependence of IDP phase behaviors on the charge pattern of the IDP sequence. Of relevance to the homeostatic assembly of compositionally and functionally distinct condensates in the cellular context, theory indicates that the propensity for populations of different IDP sequences to mix or demix upon phase separation is affected by the similarity or dissimilarity of the sequence charge patterns. We also explore prospects of extending analytical theories to account for dynamic aspects of biomolecular condensates and to incorporate effects of cation-π, π-π, and temperature-dependent hydrophobic interactions on IDP phase properties.