The former couple confirmed the settlement in a joint statement to WHO commenting that their relationship was "intensely passionate and at times volatile, but always bound by love."
On Tuesday, a judge dismissed the domestic violence case against Depp and terminated the actor's temporary restraining order, according to court documents obtained by WHO.
Heard added in her statement on Tuesday that the donation will be divided amongst a number of charities but with "a particular focus to stop violence against women" as well as the Children’s Hospital of Los Angeles, where Heard has worked as a volunteer for the past 10 years.
"I know these organizations will put the funds to good use and look forward to continuing to support them in the future. Hopefully, this experience results in a positive change in the lives of people who need it the most," the actress concluded in her statement.
Heard was first granted a temporary restraining order in May after claiming that Depp had verbally and physically abused her throughout their relationship and marriage.
She filed for divorce a few days prior to end their 15-month marriage.
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