diff --git a/source/blender/editors/space_file/file_ops.c b/source/blender/editors/space_file/file_ops.c
index 6cc4446274a..2a7e090b0d2 100644
--- a/source/blender/editors/space_file/file_ops.c
+++ b/source/blender/editors/space_file/file_ops.c
@@ -600,6 +600,7 @@ static int bookmark_cleanup_exec(bContext *C, wmOperator *UNUSED(op))
 
 		BLI_make_file_string("/", name, BKE_appdir_folder_id_create(BLENDER_USER_CONFIG, NULL), BLENDER_BOOKMARK_FILE);
 		fsmenu_write_file(fsmenu, name);
+		fsmenu_refresh_bookmarks_status(fsmenu);
 		ED_area_tag_refresh(sa);
 		ED_area_tag_redraw(sa);
 	}
diff --git a/source/blender/editors/space_file/fsmenu.c b/source/blender/editors/space_file/fsmenu.c
index 8d4384acba6..f717573d965 100644
--- a/source/blender/editors/space_file/fsmenu.c
+++ b/source/blender/editors/space_file/fsmenu.c
@@ -216,6 +216,16 @@ void ED_fsmenu_entry_set_name(struct FSMenuEntry *fsentry, const char *name)
 	}
 }
 
+void fsmenu_entry_refresh_valid(struct FSMenuEntry *fsentry)
+{
+	if (fsentry->path && fsentry->path[0]) {
+		fsentry->valid = BLI_is_dir(fsentry->path);
+	}
+	else {
+		fsentry->valid = false;
+	}
+}
+
 short fsmenu_can_save(struct FSMenu *fsmenu, FSMenuCategory category, int idx)
 {
 	FSMenuEntry *fsm_iter;
@@ -272,6 +282,7 @@ void fsmenu_insert_entry(struct FSMenu *fsmenu, FSMenuCategory category, const c
 	else {
 		fsm_iter->name[0] = '\0';
 	}
+	fsmenu_entry_refresh_valid(fsm_iter);
 
 	if (fsm_prev) {
 		if (flag & FS_INSERT_FIRST) {
@@ -640,6 +651,19 @@ void fsmenu_refresh_system_category(struct FSMenu *fsmenu)
 	fsmenu_read_system(fsmenu, true);
 }
 
+void fsmenu_refresh_bookmarks_status(struct FSMenu *fsmenu)
+{
+	int categories[] = {FS_CATEGORY_SYSTEM, FS_CATEGORY_SYSTEM_BOOKMARKS, FS_CATEGORY_BOOKMARKS, FS_CATEGORY_RECENT};
+	int i;
+
+	for (i = sizeof(categories) / sizeof(*categories); i--; ) {
+		FSMenuEntry *fsm_iter = ED_fsmenu_get_category(fsmenu, categories[i]);
+		for ( ; fsm_iter; fsm_iter = fsm_iter->next) {
+			fsmenu_entry_refresh_valid(fsm_iter);
+		}
+	}
+}
+
 void fsmenu_free(void)
 {
 	if (g_fsmenu) {
diff --git a/source/blender/editors/space_file/fsmenu.h b/source/blender/editors/space_file/fsmenu.h
index fa925310c2b..81014874fb5 100644
--- a/source/blender/editors/space_file/fsmenu.h
+++ b/source/blender/editors/space_file/fsmenu.h
@@ -49,6 +49,9 @@ struct FSMenuEntry;
  */
 void    fsmenu_insert_entry(struct FSMenu *fsmenu, enum FSMenuCategory category, const char *path, const char *name, const enum FSMenuInsert flag);
 
+/** Refresh 'valid' status of given menu entry */
+void fsmenu_entry_refresh_valid(struct FSMenuEntry *fsentry);
+
 /** Return whether the entry was created by the user and can be saved and deleted */
 short   fsmenu_can_save(struct FSMenu *fsmenu, enum FSMenuCategory category, int index);
 
@@ -70,6 +73,9 @@ void    fsmenu_free(void);
 /** Refresh system directory menu */
 void    fsmenu_refresh_system_category(struct FSMenu *fsmenu);
 
+/** Refresh 'valid' status of all menu entries */
+void    fsmenu_refresh_bookmarks_status(struct FSMenu *fsmenu);
+
 /** Get active index based on given directory. */
 int     fsmenu_get_active_indices(struct FSMenu *fsmenu, enum FSMenuCategory category, const char *dir);
 
diff --git a/source/blender/editors/space_file/space_file.c b/source/blender/editors/space_file/space_file.c
index fe861fa1dca..4d41f24a3e3 100644
--- a/source/blender/editors/space_file/space_file.c
+++ b/source/blender/editors/space_file/space_file.c
@@ -157,6 +157,12 @@ static void file_init(wmWindowManager *UNUSED(wm), ScrArea *sa)
 	/* refresh system directory list */
 	fsmenu_refresh_system_category(ED_fsmenu_get());
 
+	/* Update bookmarks 'valid' state.
+	 * Done here, because it seems BLI_is_dir() can have huge impact on performances
+	 * in some cases, on win systems... See T43684.
+	 */
+	fsmenu_refresh_bookmarks_status(ED_fsmenu_get());
+
 	if (sfile->layout) sfile->layout->dirty = true;
 }
 
diff --git a/source/blender/makesdna/DNA_space_types.h b/source/blender/makesdna/DNA_space_types.h
index 9a495fbb43f..69affc74ed7 100644
--- a/source/blender/makesdna/DNA_space_types.h
+++ b/source/blender/makesdna/DNA_space_types.h
@@ -647,7 +647,8 @@ typedef struct FSMenuEntry {
 	char *path;
 	char name[256];  /* FILE_MAXFILE */
 	short save;
-	short pad[3];
+	short valid;
+	short pad[2];
 } FSMenuEntry;
 
 /* FileSelectParams.display */
diff --git a/source/blender/makesrna/intern/rna_space.c b/source/blender/makesrna/intern/rna_space.c
index ef5a6c2a51c..13ec2ddf523 100644
--- a/source/blender/makesrna/intern/rna_space.c
+++ b/source/blender/makesrna/intern/rna_space.c
@@ -1423,13 +1423,6 @@ static int rna_FileBrowser_FSMenuEntry_name_get_editable(PointerRNA *ptr)
 	return fsm->save;
 }
 
-static int rna_FileBrowser_FSMenuEntry_is_valid_get(PointerRNA *ptr)
-{
-	char *path = ED_fsmenu_entry_get_path(ptr->data);
-
-	return path ? BLI_is_dir(path) : false;  /* For now, no path = invalid. */
-}
-
 static void rna_FileBrowser_FSMenu_next(CollectionPropertyIterator *iter)
 {
 	ListBaseIterator *internal = &iter->internal.listbase;
@@ -3638,8 +3631,8 @@ static void rna_def_filemenu_entry(BlenderRNA *brna)
 	RNA_def_property_clear_flag(prop, PROP_EDITABLE);
 
 	prop = RNA_def_property(srna, "is_valid", PROP_BOOLEAN, PROP_NONE);
-	RNA_def_property_boolean_funcs(prop, "rna_FileBrowser_FSMenuEntry_is_valid_get", NULL);
-	RNA_def_property_ui_text(prop, "Save", "Whether this path is saved in bookmarks, or generated from OS");
+	RNA_def_property_boolean_sdna(prop, NULL, "valid", 1);
+	RNA_def_property_ui_text(prop, "Valid", "Whether this path is currently reachable");
 	RNA_def_property_clear_flag(prop, PROP_EDITABLE);
 }