Multimodal emotion recognition in conversations aims to infer utterance-level emotions by jointly modeling textual, acoustic, and visual cues within context. Despite recent progress, key challenges remain, including redundant cross-modal information, imperfect semantic alignment, and insufficient modeling of high-order speaker interactions. To address these issues, we propose a framework that combines dual-space feature disentanglement with dual-branch graph learning. A shared encoder and modality-specific encoders are used to separate modality-invariant and modality-specific representations. The invariant features are modeled by a Fourier graph neural network to capture global consistency and complementary patterns, with a frequency-domain contrastive objective to enhance discriminability. In parallel, a speaker-aware hypergraph is constructed over modality-specific features to model high-order interactions, along with a speaker-consistency constraint to maintain coherent semantics. Finally, the two branches are fused for utterance-level emotion prediction. Experiments on IEMOCAP and MELD demonstrate that the proposed method achieves superior performance over strong baselines, validating its effectiveness.