Create Seperate Home partition with existing Drive or Partition without a livecd

I recently wanted to create a seperate /home partition since I installed home on / and didnt want the hassle of waiting for the livecd to boot, so here is an easy tutorial that will explain how to setup a seperate /home partition with an existing empty drive or partition you already have without using a livecd.

Ok I have almost always had a seperate home partition, excluding the 3 times I have completely crashed my system and had to redo it all.

Reasons you should use a seperate home partition: