There are some quite complex equations for this. The best on-line source for tidal evolution equations I've seen is our own dear Evil Doctor Ganymede's thesis - I've lost the URL, but I'm sure he'll step in in a jiffy with a link. Barnes and O'Brien's
Stability of satellites around close-in extrasolar giant planets also gives the necessary equations (which are generally applicable, not just to giants), but beware that there are serious misprints in their equations 10 and 11.
The hassle is that these equations need planetary bulk parameters that are hard to find - the tidal dissipation factor, moment of inertia factor and Love number k2 for the bodies concerned.
A while back I dug these out for terrestrials and gas giants, and then condensed all the constants and fixed parameters out of the tidal spindown equation to yield the following for terrestrial worlds:
T = [150000 * Mp * a^6]/[RotPer0 * Ms^2 *r^3]
Where
T is the spindown time in millions of years;
RotPer0 is the initial rotation period of the terrestrial world, in hours;
Mp is the mass of the planet in Earth masses;
Ms is the mass of the star in solar masses;
a is the semimajor axis of the planet's orbit in AU; and
r is the planet's radius in Earth radii.
The rotation period at formation is obviously tricky ... I think estimates for the Earth are about 5 hours.
(Note that you
can't use this equation for gas giants - the various bulk parameters are very different for such worlds.)
If you plug in likely values for red dwarfs, you'll find tidal spindown in orbits with Earth-like insolation takes place
very quickly - of the order of a million years.
My understanding is that double worlds with mass ratios in the vicinity of 1:1 are predicted to "save" themselves by locking into the mutually synchronous state - this prevents the primary synchronizing on the star, and so avoids the tidal decay of the secondary's orbit.
Grant