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.
Depp's lawyer claimed she had made the accusations in order to obtain a more favourable settlement.
Announcing their divorce settlement on Tuesday, the pair said their relationship was "intensely passionate and at times volatile, but always bound by love".
In a statement, Heard said: "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.
"As reported in the media, the amount received in the divorce was $7m and $7m is being donated. This is over and above any funds that I have given away in the past and will continue to give away in the future."
The 30-year-old said the money donated to the ACLU would have a "particular focus to stop violence against women".
Heard married the Hollywood star in February 2015 and they announced their split this May.
She then took out a temporary restraining order against the 53-year-old obliging him not to get in contact and stay 100 yards away from her.
Their settlement came a day before a court hearing into the restraining order was due to take place. The order was then withdrawn.
A joint statement released on Tuesday said: "Neither party has made false accusations for financial gain. There was never any intent of physical or emotional harm."
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