Heard will give half to the American Civil Liberties Union (ACLU) to prevent violence against women, and half to the Children's Hospital of Los Angeles.
The actress said she hoped to "help those less able to defend themselves".
She earlier accused Depp of striking her and throwing a mobile phone during a fight. He denied the allegations.
'Money played no role'
Depp's lawyer claimed she had made the accusations in order to obtain a more favourable settlement.
