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August 16, 2016 11:35 AM

Johnny Depp and Amber Heard have reached a divorce settlement outside of court, just one day before their scheduled restraining order hearing.

The former couple confirmed the settlement in a joint statement to PEOPLE.

“Our relationship was intensely passionate and at times volatile, but always bound by love. Neither party has made false accusations for financial gain. There was never any intent of physical or emotional harm. Amber wishes the best for Johnny in the future. Amber will be donating financial proceeds from the divorce to a charity.”

According to TMZ, the two reached a settlement in which Depp will pay the actress $7 million.

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 PEOPLE.

Up until Tuesday, the estranged couple appeared to be headed toward a highly charged and acrimonious trial, with both sides lobbing accusations against the other as photos and videos surfaced of their alleged fights. Heard had also reportedly hired a litigator ahead of the scheduled Aug. 17 hearing.

Both camps had also repeatedly locked horns over confidentiality issues and deposition dates, and painted exceedingly different portraits of proceedings, including Heard’s planned Aug. 6 deposition. In court papers, Depp’s legal team alleged the actress was seen “hysterically crying” and was ultimately unable to provide a deposition. A source close to Heard, meanwhile, told PEOPLE that “although Amber was ready, willing and able to go forward with her deposition, it was not taken by Johnny’s attorneys.”

The settlement comes just days after a new video emerged in which Depp is apparently seen yelling and slamming cabinets while in a heated argument with Heard.

Days later, a photo was released that allegedly shows the actor’s severed fingertip following another heated argument with Heard. He reportedly sliced off the tip of his finger when he allegedly smashed several bottles and windows.

Over the past few months, the former couple have been embroiled in settlement talks, with both of their attorneys exchanging communications about a deal as the restraining order case continued to move forward.

The restraining order hearing was originally scheduled for June 16, but Heard was granted a continuance on the order and the hearing was postponed until Aug. 15 and 16.

Heard was first granted a temporary restraining order in May after claiming that Depp, 53, had verbally and physically abused her throughout their relationship and marriage. She filed for divorce a few days prior.

VIDEO: Amber Heard Withdraws Request for Temporary Spousal
Support

The trial would have been focused on Heard’s allegations, L.A. certified family law specialist Steve Mindel previously told PEOPLE. It also would have addressed Heard’s early request for $50,000 a month in temporary spousal support, which she later dropped to place more focus on the “real issue of domestic violence.”

In court documents, Heard said she originally asked for spousal support because it is “standard operating procedure,” especially when “there is a great disparity between the relative incomes of the parties.”

Depp’s divorce attorney previously said in response to Heard’s request for a protective order that “Amber is attempting to secure a premature financial resolution by alleging abuse.”

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