Depp, 53, has agreed to pay Heard $7m (£5.6m; €6.6m), which she says she will donate to two charities.
Heard, 30, will get to keep the couple's dogs, Pistol and Boo, who were at the centre of scandal when she took them to Australia illegally in 2015.
She had accused Depp of domestic abuse - a claim he denies.
According to court documents, she said Depp had been physically abusive to her, culminating in him throwing a mobile phone at her face during a fight in February last year.
Depp's lawyer denied the allegations, saying Heard was "attempting to secure a premature financial resolution by alleging abuse". Police officers attending the scene said they had found no evidence of a crime.
The actress had filed for a restraining order, but this was dropped after the majority of the terms of the divorce were settled in August.
But the divorce was only finalised this week because lawyers could not agreeover whether Depp should make the payments directly to the charities or not.
Divorce settlement - who gets what?
- Depp to pay Heard $7m (£5.6m; €6.6m)
- Heard to keep dogs Pistol and Boo, and a horse called Arrow
- Depp to retain sole possession of real estate assets, including properties in LA, Paris and his private island in the Bahamas
- He will also keep more than 40 vehicles and vessels, including vintage cars and motorcycle collection
- Heard to drop request for continued restraining order against Depp
- Confidentiality provision prevents them from discussing relationship publicly
- No spousal support for either actor
Heard said she would donate the money from the divorce settlement to the American Civil Liberties Union (ACLU) and the Children's Hospital of Los Angeles.
Her lawyer, Pierce O'Donnell, said it was a "great day" for his client, adding: "All Amber wanted was to be divorced and now she is."
Depp's lawyer, Laura Wasser, said they were "all pleased to put this unpleasant chapter in Mr Depp and his family's lives behind them".
The couple, who have no children together, were married for just under 18 months when they split in May 2016.
Depp has two children from a previous relationship with French singer and model Vanessa Paradis.
In a separate development on Friday, the Pirates of the Caribbean actor started legal proceedings to sue his former business managers for more than $25m.
He claimed The Management Group had failed to properly pay his taxes, made unauthorised loans and overpaid for security and other services, according to the Associated Press news agency.
A lawyer for the company, Michael J Kump, described the lawsuit as a "fabrication" and said it had done "everything possible to protect Depp from his irresponsible and profligate spending".