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To change the formatting of footnotes in Microsoft Word, go to the references tab and click insert footnote. Changing the formatting, such as separator line and spacing, is not straightforward. This tutorial by Debra Saavedra from Legal Office Guru covers how to change the default formatting for separator lines and continuation notices, as well as restyling footnotes for more space between each footnote. The video walks you through the process step by step, helping you customize your footnotes to suit your preferences.