Johnny Depp and Amber Heard
Johnny Depp and Amber Heard
| Credit: Michael Kovac/Getty Images

Johnny Depp and Amber Heard‘s divorce is nearly finalized, a person close to the negotiations confirms to PEOPLE.

Heard will receive around $6.8 million — which is the rest of the $7 million the former couple originally agreed upon, minus the money Depp already donated directly to Heard’s preferred charities: the American Civil Liberties Union and Children’s Hospital Los Angeles.

Depp will pay out the settlement over the next 12 months, and Heard is expected to turn over the money to the charities by the end of 2018. TMZ was first to report the settlement.

For the past three months, the exes have been at odds over which of them would give the money to charity. After Heard pledged her settlement to charity, a rep for Depp announced that the actor would make payments directly to the Children’s Hospital and ACLU on Heard’s behalf.

WATCH: Amber Heard Calls Out Johnny Depp for Using Charity Donation as ‘His Tax Deduction’

But a member of Heard’s team rejected Depp’s payment plan, saying it was an attempt to use the donations as a tax write off. “If Johnny wishes to change the settlement agreement, we must insist that he honor the full amount by donating $14M to charity, which, after accounting for his tax deduction, is equal to his $7M payment obligation to Amber,” a rep for Heard said in a statement.

“Johnny is obligated by the settlement to pay Amber, and she in turn will honor her pledges to Children’s Hospital and the American Civil Liberties Union,” Heard’s lawyer, Pierce O’Donnell, previously told PEOPLE. “Amber’s commitment to protecting victims of domestic violence and helping sick children is her life’s work.”

Heard was granted a temporary restraining order in May after claiming that Depp had verbally and physically abused her throughout their relationship. She filed for divorce a few days prior to end their 15-month marriage.