(a) At any time after the filing of the CHINS petition and prior to an order of adjudication on the merits, the court may approve a written stipulation to the merits of the petition and any or all elements of the disposition plan, including the permanency goal, placement, visitation, or services.
(b) The court may approve a written stipulation if:
(1) the parties to the petition, as defined in subdivision 5102(22) of this title, agree to the terms of the stipulation; and
(2) the court determines that:
(A) the agreement between the parties is voluntary;
(B) the parties to the agreement understand the nature of the allegation; and
(C) the parties to the agreement understand the rights waived if the court approves of and issues an order based upon the stipulation.