Render 3D widget on top of everything but character

Hello!

I have an actor which is just a static mesh and a 3d widget component that always faces the camera. The problem is that the widget is sometimes occluded by nearby objects (see pic 1). I could use screen space instead of world space, but if I do so the UI will be rendered on top of my character as well (pic 2), and that’s definitely not what I want. So I was wondering if there’s any way to do something like a mixture of both world and screen space, and render the widget on top of everything but my character.

After a bit of reading I’ve come to the conclusion that this could be done using custom depth and post process materials, but I’m definitely not skilled enough at that stuff to get there by myself, so was hoping someone would enlighten me a little bit about how to do it.

Thanks in advance!