This summary is not the rule. The rule text controls.
If a child's parents are married and need court permission to sell, mortgage, lease, or otherwise deal with property that belongs to their child, they have to go to court to get that approval first. This also applies if the parents want to settle a legal claim on behalf of their child, or if they need to put the child under some kind of financial obligation. Parents can't just make these decisions on their own when it involves a child's property or legal rights.
This rule tells parents where they need to file this kind of request. Normally, they would file it in the area where the child lives. But if the parents are trying to settle a claim that's already part of an ongoing lawsuit, they can handle that request within that same case instead of starting a new one somewhere else.
In simple terms, this rule makes sure a judge checks and approves major decisions parents make about their child's property, money, or legal claims. It also keeps things simple by letting parents settle claims in the same court case if one is already underway, instead of forcing them to open a separate case just for that purpose.