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The actress will be giving half to the American Civil Liberties Union, "with a particular focus to stop violence against women," and the other half will go to the Children's Hospital of Los Angeles, where Heard has volunteered for the last 10 years.
Heard and Depp were in the midst of a public divorce when Heard alleged that Depp physically assaulted her and requested a restraining order. The two settled the domestic violence case on Tuesday.
"As described in the restraining order and divorce settlement, money played no role for me personally and never has, except to the extent that I could donate it to charity and, in doing so, hopefully help those less able to defend themselves," Heard stated in her statement.