Any tree experts out there?

[Raven]

I believe you are correct in that assumption,
however I would have braced it for a year
on either side to take the weight off the bolt
and to minimize the sway of the branches (halves)

[justplugit]

You can also cable it above the split to take the pressure off the bolt.
Use garden hose over the cable where it goes around the tree to prevent chafing.