Emancipation of child; findings; terms
(a) The juvenile court may emancipate a child under section 1(5) of this chapter if the court finds that the child:
(1) wishes to be free from parental control and protection and no longer needs that control and protection;
(2) has sufficient money for the child's own support;
(3) understands the consequences of being free from parental control and protection; and
(4) has an acceptable plan for independent
(b) If the juvenile court partially or completely emancipates the child, the court shall specify the terms of the emancipation, which may include the following:
(1) Suspension of the parent's or guardian's duty to support the child. In this case the judgment of emancipation supersedes the support order of a court.
(2) Suspension of the following:
(A) The parent's or guardian's right to the control or custody of the child.